Jack McDonald, the Senior Vice President of Stablecoins at Ripple, described RLUSD as addressing a significant gap in enterprise-grade financial tools. He praised BNY Mellon’s expertise and commitment to innovation, calling the bank a ‘forward-thinking partner’ capable of bridging traditional and decentralized finance.
Emily Portney, the Global Head of Asset Servicing at BNY, also echoed this sentiment, while adding that:
“As primary custodian for RLUSD, we’re proud to support the growth of digital assets by providing a differentiated platform, designed to meet the evolving needs of institutions in the digital assets ecosystem.”
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.
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.
Unlike many stablecoins built for retail usage, RLUSD is designed for enterprise-level cross-border transactions, offering faster settlement, lower costs, and improved efficiency.
