Earlier this week, Ripple announced that The Bank of New York Mellon has been selected to act as the principal custodian for the U.S. dollar reserves underlying its stablecoin, Ripple USD (RLUSD). This marks a significant stride as Ripple pursues a U.S. bank charter.
BNY Mellon, which launched its digital assets division in 2021, will not only hold the RLUSD reserve assets but also manage fund flows associated with stablecoin issuance and redemption. This partnership is expected to enhance Ripple’s regulatory credibility and appeal to institutional stakeholders.
As America’s oldest bank, BNY Mellon’s reputation in serving corporate and institutional clients brings added trust to RLUSD’s infrastructure.
Market Response: XRP Breaks Key Resistance
Following the announcement, XRP experienced a sharp rally, pushing past a major resistance barrier around $2.35. After briefly retreating to that level, it acted as support, forming bullish chart patterns—like an inside bar followed by an upward candle—indicating that intraday buyers are still in control.
Wider Industry Impact
Ripple’s move follows a broader wave of interest in stablecoins among major corporations. Firms including Amazon, Walmart, Apple, Uber, and Airbnb are reportedly exploring stablecoin solutions or payment integrations.
Ripple’s Push for Federal Integration
Additionally, Ripple has applied for a U.S. national bank charter and a direct Federal Reserve master account—moves that, if approved, would allow the company to maintain reserves directly with the Fed and leverage its payment systems.
