Latest news with #JackMcDonald
Finextra
10-07-2025
- Business
- Finextra
Ripple picks BNY for stablecoin custody
Ripple has chosen Bank of New York Mellon as primary custodian for its US dollar-pegged stablecoin reserves. 1 Like 1 Issued under a New York Department of Financial Services Trust Company Charter, Ripple USD has been purpose-built for enterprise utility, particularly in improving the speed, cost and efficiency of cross-border payments. The firm says that by teaming up with Wall Street player BNY as primary reserve custodian, it will pave the way for adoption at institutional scale and help bridge the gap between traditional finance and crypto. Ripple will also tap into BNY's transaction banking services to underpin its operations. Jack McDonald, SVP, stablecoins, Ripple, says: 'Ripple USD addresses a critical gap in the market as a stablecoin developed for enterprise-grade financial use cases, designed to meet the rigorous standards of leading financial institutions. '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, making them the ideal partner for Ripple and RLUSD.'
Yahoo
09-07-2025
- Business
- Yahoo
Ripple Taps BNY to Custody Stablecoin Reserves as RLUSD Surpasses $500M
Ripple, the payments-focused digital asset firm, on Wednesday, named banking giant The Bank of New York Mellon as the primary custodian of reserve assets backing its U.S. dollar stablecoin Ripple USD (RLUSD). 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 in to access your portfolio
Yahoo
09-07-2025
- Business
- Yahoo
One early winner of the stablecoin craze is Alexander Hamilton's 241-year-old bank
A financial institution founded 241 years ago by Alexander Hamilton is emerging as one of the big early winners of Wall Street's new stablecoin craze. The latest sign came Tuesday when major crypto firm Ripple announced that Bank of New York Mellon (BK), also known as BNY, would become the primary custodian for the reserve assets of its $500 million stablecoin Ripple USD (RLUSD). The New York bank that can trace its roots back to 1784 and one of country's founding fathers will manage the mix of US Treasury bills and other notes owned by Ripple while also offering Ripple technology and other transaction banking services to underpin its stablecoin operations. BNY also already serves as a custody bank for the reserve assets of Circle's (CRCL) stablecoin USDC, the world's second largest. Ripple's RLUSD is the world's eighth-largest by circulating market capitalization. Stablecoins are cryptocurrencies pegged to assets such as the US dollar. They also serve as the lifeblood of the crypto world, accounting for the bulk of its transaction volume. Jack McDonald, senior vice president of stablecoins at Ripple, called BNY "the ideal partner" for its stablecoin initiative in a statement. "BNY brings together demonstrable custody expertise and a strong commitment to financial innovation in this rapidly changing landscape,' McDonald added in the statement. All of Wall Street is now trying to figure out how they can take advantage of what is expected to be wider adoption of stablecoins as potential legislation setting rules around stablecoins makes its way through Congress with the blessing of President Trump. Circle's stock has soared since going public last month and a group of big banks, including JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup (C), and PNC (PNC), are discussing the prospect of offering stablecoins in a collaborative effort, according to people familiar with the matter. Banks are also eyeing other crypto activities. At least two big Wall Street institutions — Morgan Stanley (MS) and Charles Schwab (SCHW) — plan to offer cryptocurrencies through their wealth management platforms sometime next year. Charles Schwab already offers margin loans against customer holdings of crypto exchange traded funds. But if there is one financial institution with a clear head start in making money off stablecoins and other digital assets, it is BNY. The massive custody bank was the first major US bank to launch a crypto custody service back in October 2022 after getting specific regulatory approval. BNY CEO Robin Vince called crypto the bank's "longest term play" during a January 2023 earnings call. BNY also offers crypto custody, transaction and data products to institutional clients including another big Wall Street player in crypto, BlackRock (BLK). Last September, Vince told Yahoo Finance the real opportunity it sees in the crypto world is how its technology can be used to change how dollars and other assets move around the world. 'The way we treat and make the dollar work efficiently and effectively in the world's financial system is going to evolve,' said Vince. BNY's stock rose slightly Wednesday morning. Since the beginning of the year, its up 22%, far outpacing performance of the S&P 500 and most other US banks. Along with JPMorgan Chase, Wells Fargo and Citigroup, BNY reports earnings on Tuesday. David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance. His email is at Click here for in-depth analysis of the latest stock market news and events moving stock prices Sign in to access your portfolio
Business Wire
09-07-2025
- Business
- Business Wire
Ripple Selects BNY to Custody Ripple USD Reserves
SAN FRANCISCO--(BUSINESS WIRE)--Today Ripple, the leading provider of digital asset infrastructure for financial institutions, announced it has selected The Bank of New York Mellon Corporation ("BNY") (NYSE: BK), a global financial services company, for the primary custody of Ripple USD (RLUSD) reserves. Ripple and BNY are jointly committed to paving the way for digital asset adoption at institutional scale and together are bridging the gap between the traditional finance and crypto ecosystems. Ripple USD (RLUSD) is a trusted, enterprise-grade stablecoin designed with regulatory compliance, utility, and transparency at its core. It is issued under a New York Department of Financial Services (NYDFS) Trust Company Charter. Unlike stablecoins geared primarily toward retail users, RLUSD has been purpose-built for enterprise utility, particularly in improving the speed, cost and efficiency of cross-border payments. BNY will serve as the primary reserve custodian of RLUSD, leveraging its deep technology stack and expertise enabling the digital assets ecosystem. In addition, BNY will provide its leading transaction banking services to underpin RLUSD's operations and deliver integrated solutions. This builds upon BNY's proven track record of providing end-to-end services across stablecoin infrastructure and furthers BNY's efforts for future interoperability between stablecoins and traditional assets. 'Ripple USD addresses a critical gap in the market as a stablecoin developed for enterprise-grade financial use cases, designed to meet the rigorous standards of leading financial institutions,' said Jack McDonald, SVP of Stablecoins at Ripple. '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, making it the ideal partner for Ripple and RLUSD.' 'As a leading financial platforms company, BNY is committed to delivering differentiated, end-to-end solutions, designed to meet the needs of institutions across the entire digital assets ecosystem,' said Emily Portney, Global Head of Asset Servicing at BNY. 'As primary custodian, we are thrilled to support the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash to support conversions and are proud to be working closely with Ripple to continue propelling the future of the financial system.' About Ripple Ripple is the leading provider of digital asset infrastructure for financial institutions—delivering simple, compliant, reliable software that unlocks efficiencies, reduces friction, and enhances innovation in global finance. Ripple's solutions leverage the XRP Ledger and its native digital asset, XRP, which was purpose-built to enable fast, low-cost, highly scalable transactions across developer and financial use cases. With a proven track record working with regulators and policymakers around the world, Ripple's payments, custody and stablecoin solutions are pioneering the digital asset economy—building credibility and trust in enterprise blockchain. Together with customers, partners and the developer community, we are transforming the way the world tokenizes, stores, exchanges, and moves value. About BNY BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For more than 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally to access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of March 31, 2025, BNY oversees $53.1 trillion in assets under custody and/or administration and $2.0 trillion in assets under management. BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY has been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators. Additional information is available on Follow on LinkedIn or visit the BNY Newsroom for the latest company news.
Yahoo
03-07-2025
- Business
- Yahoo
OpenPayd, Ripple forge stablecoin payments alliance
Financial infrastructure provider OpenPayd and Ripple have formed an alliance to enhance payment solutions for enterprise clients. The partnership will integrate OpenPayd's global fiat infrastructure, which includes real-time payment rails, multi-currency accounts, and virtual IBANs, into Ripple Payments, facilitating transactions in EUR and GBP. Ripple Payments, which employs blockchain and digital assets, aims to streamline cross-border payments and provide on/off ramps for financial institutions globally. It is also a part of the OpenPayd's stablecoin infrastructure expansion. OpenPayd will now offer direct minting and burning of Ripple USD (RLUSD), a USD-denominated stablecoin developed by Ripple. Enterprises can convert between fiat currencies and RLUSD while utilising OpenPayd's services, including account management, payments, and trading via a single API. Ripple Stablecoins SVP Jack McDonald said: 'Our collaboration with OpenPayd gives enterprises reliable access to RLUSD, combining the stability and compliance they expect with the connectivity they need. This is how we accelerate real-world adoption of stablecoins at scale.' The stablecoin RLUSD is designed to support multiple use cases such as cross-border payments, global treasury management, and access to US dollar liquidity. The partnership aims to provide enterprises with the necessary tools to conduct and manage international monetary transactions effectively. OpenPayd CEO Iana Dimitrova stated: 'By combining Ripple Payments with OpenPayd's rail agnostic and fully interoperable fiat infrastructure, we are delivering a unified platform that bridges traditional finance and blockchain. 'This partnership enables businesses to move and manage money globally, access stablecoin liquidity at scale, and simplify cross border payments, treasury flows and dollar-based operations.' Last month, OpenPayd partnered with Circle, the issuer of the USDC stablecoin, to combine traditional banking systems with blockchain technology, facilitating global business transactions. "OpenPayd, Ripple forge stablecoin payments alliance " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
