Ripple Taps Banking Giant BNY Mellon to Safeguard RLUSD Reserves as Market Cap Surges Past $500M

Ripple just made a power move—bringing in BNY Mellon, the 238-year-old custody titan, to backstop its RLUSD stablecoin reserves. Because nothing screams 'trust us' like a legacy bank vault metaphor.

Supply rockets past half a billion

The RLUSD balance sheet now tops $500M—enough to make even Wall Street raise an eyebrow. Ripple's betting big that institutional-grade custody will lure skeptics away from USDT and USDC's playground.

Old money meets new money

By shackling up with BNY Mellon, Ripple gets that sweet, sweet regulatory halo effect. Because in crypto-land, sometimes you need a gray-haired chaperone to get invited to the big-boy finance parties.

One cynical footnote: Nothing unites crypto bros and bankers faster than the smell of freshly minted stablecoin fees.

RLUSD supply surpasses $500 million

The collaboration with major financial institutions appears to be fueling RLUSD’s momentum.

Data from CryptoSlate shows that RLUSD’s circulating supply has now exceeded $501 million, less than a year after its launch.

Around $435 million is currently on the ethereum network, while $65 million resides on Ripple’s XRP Ledger.

This growth shows the stablecoin’s increasing relevance, especially in regulated environments. RLUSD is pegged 1:1 to the US dollar and backed by a segregated reserve consisting of cash and cash equivalents.

The New York Department of Financial Services approved it in December 2024, while the Dubai Financial Services Authority cleared it for use this year.

Unlike many stablecoins built for retail usage, RLUSD is designed for enterprise-level cross-border transactions, offering faster settlement, lower costs, and improved efficiency.