Among the major XRP news today, Ripple and BNY Mellon announced a partnership to expand RLUSD adoption among institutions.
BNY Mellon will serve as a primary custodian for RLUSD reserves. Ripple CEO Brad Garlinghouse revealed the significance of the collaboration amid growing demand from institutions.
BNY Mellon (BK) stock price opened 1% higher, with the price trading at $93.64 at the time of writing.
XRP News: Ripple Taps BNY Mellon As Primary Custodian for RLUSD Reserves
In a press release on July 9, Ripple disclosed that it has selected The Bank of New York Mellon Corporation to custody RLUSD reserves.
The companies aim to boost digital asset adoption by institutions, connecting traditional finance and crypto ecosystems.
Ripple will utilize BNY’s leading transaction banking services to support its operations and deliver integrated solutions to its clients.
Notably, BNY holds over $53 trillion in traditional assets under custody, as well as oversees more than $2 trillion in assets under management.
On the enterprise-grade Ripple USD and BNY partnership, Jack McDonald, SVP of Stablecoins at Ripple, said:
“BNY Mellon aims to support RLUSD growth and adoption by facilitating the seamless movement of reserve assets and cash to support conversions.”
Ripple CEO Brad Garlinghouse on BNY Mellon Partnership
Ripple CEO Brad Garlinghouse took to X to reach out to the wider crypto community about his appearance on CNBC’s Squawk Box.
Garlinghouse discussed growing institutional stablecoin momentum and how trusted banks like BNY are getting into crypto.
The regulatory clarity on stablecoin has increased stablecoins’ demand. The long-overdue crypto market structure legislation will protect consumers, establish clear jurisdictional boundaries, and enable financial innovation to thrive in the United States.
XRP News: RLUSD Bridging Crypto with Traditional Finance
RLUSD is an enterprise-grade, USD-denominated stablecoin on XRP Ledger and Ethereum blockchains. It is backed by Ripple’s years of experience working with both crypto and traditional finance.
RLUSD has attained a market cap of $500 million as it continues to expand and partners with other companies to boost cross-border payments.
It offers core services that financial institutions need to tokenize, store, exchange, and move digital assets.
The stablecoin supports a wide range of use cases, including cross-border payments, global treasury management, and streamlined access to U.S. dollar liquidity.
Recently, the US Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).
As a result, the demand for stablecoins has increased from companies to reduce costs on cross-border payments and other use cases.
As The Coin Republic reported earlier, Ripple partnered with OpenPayd for stablecoin payments. Also, OpenPayd will provide direct minting and burning capabilities for the RLUSD stablecoin.
XRP Price Reacts Positively to Ripple-BNY Mellon News
XRP price jumped over 2% in the past 24 hours, with the price trading at $2.44 at the time of writing. The 24-hour low and high were $2.36 and $2.45, respectively.
Furthermore, the trading volume has increased further by 41% in the last 24 hours, indicating a tremendous rise in interest among traders.
In the daily timeframe, the price was above the 50-SMA, 100-SMA, and 200-SMAs at the time of writing.
Whereas, the Relative Strength Index (RSI) surged to 63.74, signaling potential for further upside momentum.
