BNY Mellon Deepens Ripple Tie-Up, Adds XRP and RLUSD to Custody Platform

Ripple and BNY Mellon have announced a significant expansion of their strategic collaboration, aimed at broadening institutional digital asset custody and exploring new applications for blockchain technology. The move signals a deepening integration of traditional financial infrastructure with the growing digital asset ecosystem.

Expanded Custody and Services

According to a joint press release, BNY Mellon will now support both XRP and Ripple's stablecoin, RLUSD, on its Digital Asset Custody platform. This development builds upon the bank's existing relationship with the blockchain firm, where BNY already serves as a primary reserve custodian for RLUSD and provides custody for Ripple Prime.

The expanded services will include:

• Custody support for XRP and the RLUSD stablecoin for institutional clients.
• Future plans to enable clients to mint and redeem RLUSD directly through BNY's platform.
• Broadened support for other tokenized assets and investment products issued on the XRP Ledger (XRPL).

Exploring New Blockchain Applications

The partnership also aims to advance the use of tokenization in financial markets, particularly in trade finance. The two companies are exploring a supply chain finance initiative on the XRPL in collaboration with C2FO, a working capital platform, to expand investor access to approved receivables.

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"We’re moving past the initial issuance of assets onchain – now, it’s all about making these tokenized assets usable for payments and collateral across financial markets," said Monica Long, President of Ripple. This focus on utility highlights a shift from speculative asset creation to practical, real-world applications for institutional players.

Carolyn Weinberg, Chief Innovation and Market Transformation Officer at BNY, noted that future market infrastructure will be driven by "architected bridges between traditional scaled systems and always-on blockchain technology."

Context and Scale

The collaboration unites one of the world's largest custodian banks with a major blockchain enterprise. As of September 30, 2026, BNY Mellon oversees $63.4 trillion in assets under custody and/or administration and $2.2 trillion in assets under management.

Ripple stated that its RLUSD stablecoin has reached a market capitalization of approximately $2.5 billion. The underlying XRP Ledger has processed more than 4.6 billion transactions since its inception, with settlement times of approximately three to five seconds, according to the release.