Ripple and BNY Mellon have deepened their partnership to enhance institutional digital asset custody and explore new blockchain applications. BNY Mellon now supports Ripple’s stablecoin, RLUSD, on its Digital Asset Custody platform, expanding its role as the primary reserve custodian for RLUSD. The collaboration also includes plans to enable clients to mint and redeem RLUSD directly through BNY Mellon, with broader support for tokenized assets and investment products on the XRP Ledger (XRPL).
The two companies are also working on tokenized trade finance solutions on the XRPL, including a potential supply chain finance initiative with C2FO, a working capital platform. This initiative aims to improve investor access to approved receivables. Monica Long, President of Ripple, emphasized the shift from asset issuance to making tokenized assets usable for payments and collateral across financial markets.
Carolyn Weinberg, Chief Innovation and Market Transformation Officer at BNY Mellon, highlighted the future of market infrastructure, which will connect payments, liquidity, collateral, and securities through blockchain technology. Ripple reported that RLUSD has reached a market capitalization of approximately $2.5 billion, while the XRPL has processed over 4.6 billion transactions since its launch, with settlements occurring in three to five seconds.
BNY Mellon manages $63.4 trillion in assets under custody and/or administration and $2.2 trillion in assets under management as of September 30, 2026.