Ripple's RLUSD Stablecoin Soars Past $500M, Integrates with Transak, and Secures BNY Mellon Custody
Ripple's US dollar-pegged stablecoin, RLUSD, has achieved significant milestones, integrating with the Transak payment platform and surpassing a $500 million market capitalization. This growth is further solidified by the selection of BNY Mellon as the primary custodian for RLUSD reserves, marking a pivotal moment for the stablecoin's adoption and institutional backing.
RLUSD's Soaring Market Capitalization
RLUSD has seen remarkable growth, with its market capitalization exceeding $500 million. This surge represents a substantial increase of nearly $200 million, or 62%, since the beginning of June, less than seven months after its initial launch. This rapid expansion underscores the increasing demand and adoption of Ripple's stablecoin in the digital asset landscape.
Strategic Integration with Transak
RLUSD's integration with Transak, a prominent cryptocurrency payments platform, significantly enhances its accessibility and utility. This partnership allows Transak's 8.3 million users to purchase RLUSD using various fiat currencies and payment methods, including Apple Pay, Google Pay, Visa, Mastercard, SEPA, and wire transfers. The stablecoin is now available in 64 countries supported by Transak, including key markets like the United States, the United Kingdom, and the European Union. While on-ramping is fully functional, Transak plans to introduce off-ramping capabilities later in 2025 to support broader use cases like remittances and cross-border payments.
BNY Mellon as Primary Custodian
In a move that bolsters institutional confidence, Ripple has officially appointed The Bank of New York Mellon (BNY) as the primary custodian for RLUSD reserves. BNY, one of the world's largest custody banks, will safeguard the stablecoin's reserves and provide essential transaction banking services, including conversions during minting and redemption. This strategic partnership highlights Ripple's commitment to robust financial infrastructure and regulatory alignment, especially as the company pursues a national banking license and a Federal Reserve master account to deepen its integration with the U.S. financial system.
Key Takeaways
- RLUSD's market capitalization has surpassed $500 million, demonstrating rapid growth since its launch.
- Integration with Transak expands RLUSD's reach to 8.3 million users across 64 countries, enabling diverse fiat on-ramps.
- BNY Mellon's appointment as primary custodian provides institutional-grade security and operational support for RLUSD reserves.
- Ripple continues to pursue regulatory integration, including applications for a national banking license and a Federal Reserve master account.