Key facts
- BNY Mellon already serves as the primary custodian of reserves for Ripple's RLUSD stablecoin.
- BNY Mellon supports XRP and RLUSD on its crypto custody platform.
- Ripple announced the launch of its 24/7 treasury platform with AI tools and RLUSD returns.
Ripple has expanded its partnership with BNY Mellon to explore tokenized trade finance and other institutional use cases for blockchain technology. The collaboration will see BNY Mellon broaden its support for tokenized assets and investment products issued on the XRP Ledger (XRPL). The bank will also enable direct minting and redemption of Ripple's RLUSD stablecoin through its platform. As a first step, Ripple and BNY Mellon are exploring a supply chain finance initiative with C2FO, a platform that connects businesses with working capital. C2FO will bring its 'Instant Pay' solution onto the XRPL, using RLUSD for settlement to allow suppliers to receive funds in seconds.