As Ripple officially brought Bank of New York Mellon Corporation, known as BNY, on board as the primary reserve custodian for its enterprise-grade stablecoin, RLUSD, President Monica Long publicly framed the partnership as a defining step in establishing the asset as the standard for global enterprises.
The intent behind the scenes is simple: build a stablecoin with compliance and utility integrated, backed by one of the oldest and most trusted names in traditional finance.
Designed for institutions, RLUSD is suited for cross-border payment flows and use cases that demand liquidity, speed and oversight. With BNY now in charge of reserve custody, Ripple’s positioning shifts from aspirational to operational. This deal gives RLUSD institutional credibility that most stablecoins cannot touch.
The market, meanwhile, has its own interpretation of the development. XRP has quietly broken out of a textbook inverse head-and-shoulders pattern, surpassing the $2.31 neckline and reaching $2.35 for the day. If volume holds, momentum targets line up around $2.45 and $2.62.
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Although Ripple keeps RLUSD and XRP on separate tracks, investors often view them as part of the same broader narrative. Institutional wins tend to spill over. Today, with a global bank backing Ripple’s latest stablecoin initiative and XRP breaking out of its chart structure, that narrative is much harder to ignore.
It is interesting that this partnership occurred on the same day that Ripple USD surpassed a major milestone of $500,000,000 in market capitalization, according to CoinMarketCap. RLUSD achieved this milestone in just 203 days, or a little over six months. With a market cap of half a billion, Ripple USD currently ranks eighth among the largest stablecoins.