BNY Mint to Hold Custody of Ripple's USD Stablecoin
BNY Mellon, a leading global bank, has expanded its digital asset custody business by securing custodial mandates for multiple stablecoins, including Ripple's Ripple USD (RLUSD), Circle's USDC, and Societe Generale's USD CoinVertible.
Starting from July 2025, BNY Mellon became the primary custodian for RLUSD, managing its reserves through segregated accounts to enhance institutional trust and regulatory compliance. RLUSD is a regulated, enterprise-grade stablecoin issued under a New York Department of Financial Services (NYDFS) Trust Company Charter, designed for cross-border institutional payments with full 1:1 USD backing and third-party audits.
BNY Mellon also secured custody for Societe Generale's USD CoinVertible stablecoin in June 2025, and continues to manage Circle's USDC, demonstrating its growing influence and commitment to digital asset infrastructure at an institutional scale.
The bank's custody and conversion capabilities aim to make stablecoins more interoperable with traditional assets, as stated by Carolyn Weinberg, BNY's chief product and innovation officer. Jack McDonald, senior vice president of stablecoins at Ripple, praised BNY Mellon for bringing demonstrable custody expertise and a strong commitment to financial innovation.
BNY Mellon's strategic move positions it as a major institutional player blending traditional finance and blockchain assets, reinforcing trust and compliance in digital finance. The bank's broader digital transformation strategy focuses on platforms, AI-driven efficiency, and digital asset custody to serve institutional clients seeking regulated solutions.
The stablecoin market has significantly grown from $5 billion globally in 2020 to over $259 billion this year, according to CoinMarketCap. This growth has been noted by the American Bar Association and the passage of the GENIUS Act, which aims to bring regulatory clarity to stablecoins, in the Senate last month.
Ripple aims to fill a gap in the market as a stablecoin developed for enterprise-grade use cases. The Securities and Exchange Commission dropped its long-held case against Ripple, ending a four-year fight that began with what CEO Brad Garlinghouse called "the first major shot fired in the war on crypto."
| Stablecoin | Issuer | Custody Start | Key Features | Custodian | |---------------------|--------------------|--------------------|------------------------------------------------|--------------------| | Ripple USD (RLUSD) | Ripple | July 2025 | Enterprise-grade, regulatory-compliant, 1:1 USD backed, NYDFS charter, focused on institutions and cross-border payments | BNY Mellon | | USD CoinVertible | Societe Generale | June 2025 | Institutional stablecoin, part of Societe Generale's digital asset initiatives | BNY Mellon | | USDC | Circle | Prior/ongoing | Widely used regulated stablecoin, 1:1 USD backing, supports wide institutional adoption | BNY Mellon |
Sources: [1] BNY Mellon Press Release - [Link] [2] Ripple Press Release - [Link] [3] Societe Generale Press Release - [Link] [4] Circle Press Release - [Link] [5] Coindesk - [Link]
In July 2025, BNY Mellon, a leading global bank, was appointed as the custodian for Ripple's Ripple USD (RLUSD), a regulated, enterprise-grade stablecoin designed for cross-border institutional payments with full 1:1 USD backing and third-party audits.
BNY Mellon also manages custodianship for Circles' USDC and Societe Generale's USD CoinVertible, demonstrating the bank's growing influence and commitment to digital asset infrastructure at an institutional scale, particularly in the technology-driven business of stablecoins.
