At last, dear friends, Ripple’s stablecoin has secured more than admiration—it has bagged the affections of Wall Street’s most venerable octogenarians. In a display of trust worthy of a Victorian marriage contract, Ripple has enlisted BNY Mellon, the United States’ oldest and most decorous bank, to be the primary custodian of its RLUSD stablecoin. For those whose faith in cryptocurrency was as frail as a paper umbrella, let us rejoice: American bankers are now the chaperones of digital assets.
This coup d’état is a headline fit for modern society and an even bigger moment for Ripple, not to mention the stablecoin industry, which until now had all the gravitas of Monopoly money with slightly less fun.
Let us pore over the particulars as a Wildean reader would a tabloid.
Ripple Wins the Regulatory Beauty Pageant
BNY Mellon, famed for holding the fortunes of the unimaginably rich (and possibly a few Fabergé eggs for good measure), now cradles RLUSD like a nervous governess left in charge of the royal children. The banks’ involvement bestows Ripple with the gravitas of old money and, for regulators, a certain irresistible respectability. It’s as if Ripple waltzed into the ballroom and suddenly, everyone forgot it once wore sneakers.
The companies assure us this prestige will inspire regulators to lower their monocles, while institutions can stop clutching their pearls every time the ‘C word’ (crypto, darling) is uttered.
“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,” intoned Emily Portney of BNY Mellon, no doubt whilst sipping a martini and thinking about retirement.
RLUSD: Half a Billion Served, Like a Very Expensive Drive-Thru
Since its glittering debut in December 2024, RLUSD has surpassed $500 million in market cap—faster than my social reputation can recover from last Tuesday’s dinner party. Ripple assures us RLUSD is backed 1:1 by cash and U.S. Treasuries. It’s the digital equivalent of a Swiss bank vault, minus the charming ski weekends.
RLUSD is designed to purr along beside Ripple’s payment network and XRP. It is finally getting some ‘real-world’ love, which is more than can be said for my unpublished plays.
Ripple Eyes a Seat at the Big Boys’ Table
Ah, ambition! Ripple has applied for a national U.S. banking charter and a coveted Federal Reserve master account—possibly so it can say “I told you so” at the next central bankers’ brunch. Should this gambit succeed, Ripple might just add “gatecrashed the establishment” to its LinkedIn profile.
True to our long-standing compliance roots, @Ripple is applying for a national bank charter from the OCC. If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market.
Earlier in the week via…
— Brad Garlinghouse (@bgarlinghouse) July 2, 2025
What a time to be a blockchain! The path to respectability is now paved with banking charters and Twitter threads.
It’s “Stablecoin Summer”—Hats, Sunglasses, and Bank Ledgers Required
The USA is intoxicated by stablecoins—some blame the regulatory sun, others the prospect of a good party. With the Trump administration wafting away past restrictions and Congress eyeing new laws, large institutions are descending like overly confident wedding guests. Even Amazon, Walmart, and Uber are rumored to be playing footsie under the stablecoin table. One imagines Jeff Bezos with a monocle and a crypto wallet.
AMINA Bank Gives RLUSD a Swiss Finishing School
It gets better—or worse, if you hate international progress. AMINA Bank, a licensed Swiss player (where else?), now offers custody and trading for RLUSD. Regulated by FINMA, they already serve clientele for whom “off-shore” means “endless fondue.” AMINA’s app lets users manage RLUSD from the comfort of their lakeside mountain chalets or their dreary boardrooms—whatever feels more secure.
What Wild Nonsense Awaits?
With America’s oldest bank on its arm and global adoration at its feet, RLUSD is poised for crypto stardom—assuming it isn’t run over in a carriage accident. The next target? That mythical $1 billion cap. All that remains is for someone to write a play about it. Preferably me. 🎩✨
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2025-07-09 15:15