Ripple Taps BNY to Custody Stablecoin Reserves as RLUSD Surpasses $500M
BNY, one of the oldest and largest custody banks in the world overseeing $53 trillion of assets, will safeguard the stablecoin's reserves and support the token's operations with transaction banking services, including conversions during minting and redemption, according to a press release shared with CoinDesk.
RLUSD, launched in December and regulated by the New York Department of Financial Services (NYDFS), is backed by short-term U.S. Treasuries, money market funds and cash.
"BNY brings together demonstrable custody expertise and a strong commitment to financial innovation in this rapidly changing landscape, as well as a forward-thinking approach to digital asset infrastructure," Jack McDonald, SVP of stablecoins at Ripple, said in a statement.
The move comes as stablecoins are enjoying a breakthrough moment in the broader financial world, with the U.S. advancing to regulate the sector.
Ripple recently applied for a national banking license with the U.S. Office of the Comptroller of the Currency. The company also filed for a Federal Reserve master account, which would allow it to custody RLUSD reserves directly with the central bank and further integrate with the U.S. financial system.
RLUSD saw rising demand as well. The token's market capitalization has surpassed $500 million, growing over 30% through the past month, CoinGecko data shows.Sign in to access your portfolio
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- Yahoo
XRP Price Prediction: Where Ripple Could Be by 2025, 2026, and 2030
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New exchange-traded funds (ETFs) that enable institutional investors to pour their capital into the coin are already paving the road to new highs. U.S.-based funds had inflows of more than $2 billion during the week ended July 19, including a dramatic single-day haul of $727 million on July 16. Those flows constrain the coin's float available for public trading, so they support demand, and higher prices too. Another key factor is that at least one of the chain's most annoying bugbears, namely its unreasonably high gas (user) fees, is (finally) resolving. Since the Dencun upgrade to the chain 16 months ago, and the Pectra upgrade this year, average gas costs cratered by roughly 95%, dropping a typical swap to $0.39 from tens of dollars during high-traffic periods. 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As those clients tap the lending services that Ripple provides using XRP, and as they park more of their real-world assets (RWAs) on the chain to gain speed and efficiency, there will be an escalating demand for the coin, and the price is very likely to continue trending higher over time. However, institutions lay track slowly. Compliance checks and integrating back-end technology unfold over quarters, not weeks. Without an ETF to turn on a firehose of capital inflows, XRP's catalyst calendar isn't very precise. Which will double first? Assuming current macroeconomic and liquidity conditions persist, Ethereum looks to be more likely to reach the finish line first, though XRP could still beat it. Record ETF inflows, a fresh staking-yield narrative, and a hot three-month streak all considerably shorten Ethereum's path to a 100% gain. XRP's institutional strategy is compelling, and a future ETF approval could unleash a similar wave of buying power. But until that catalyst is realized, its timetable is hazier, and gains derived from institutional onboarding will be piecemeal rather than all at once. With all that said, both coins can be rewarding long-term holdings, so it could be a decent idea to buy and hold both. Do the experts think Ethereum is a buy right now? The Motley Fool's expert analyst team, drawing on years of investing experience and deep analysis of thousands of stocks, leverages our proprietary Moneyball AI investing database to uncover top opportunities. They've just revealed their to buy now — did Ethereum make the list? When our Stock Advisor analyst team has a stock recommendation, it can pay to listen. 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