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Bank of New York Mellon Selected as Primary Custodian of Ripple USD Reserves

Dow Jones Newswires

Jul 09, 2025 20:30:00

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By Adriano Marchese

Bank of New York Mellon has been selected to be the primary custodian of Ripple USD reserves.

Ripple, a San Francisco-based digital asset-infrastructure company, said Wednesday that it has selected the New York financial-services firm to serve as the primary reserve custodian of RLUSD, a dollar-backed stablecoin that Ripple manages.

Stablecoins are typically pegged to a stable currency and store reserves in order to keep a one-to-one exchange ratio in place. RLUSD is designed for enterprise utility, particularly in improving the speed, cost and efficiency of cross-border payments, unlike traditional stablecoins that are more geared toward retail users, Ripple said.

Write to Adriano Marchese at adriano.marchese@wsj.com

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