BNY Mellon: Ripple Partners with U.S Oldest Bank, Boosts XRP adoption
Ripple confirmed a new custodial services contract with BNY Mellon,
Quick overview
- Ripple has secured a new custodial services contract with BNY Mellon, enhancing the credibility of its blockchain infrastructure.
- This partnership is anticipated to increase the adoption of XRP-based settlements on Wall Street.
- Brad Garlinghouse will testify before the U.S. Senate Banking Committee this week.
- His testimony will address regulatory reform and blockchain innovation, which are crucial for XRP's future in the U.S. financial system.
Live XRP/USD Chart
Ripple confirmed a new custodial services contract with BNY Mellon, the oldest U.S. bank. It has raised expectations that XRP-based settlements will be adopted more widely on Wall Street and is generally regarded as a significant institutional endorsement of Ripple’s blockchain infrastructure.
BNY Mellon, the oldest bank in America with over 240 years of financial experience, will serve as the main custodian for RLUSD, Ripple’s recently introduced stablecoin backed by the dollar. Investor confidence was instantly boosted by the action, which caused XRP to rise by more than 12%.
The strategic partnership also includes transaction banking support as a major institutional step for Ripple.
“BNY brings together demonstrable custody expertise and a strong commitment to financial innovation… making them the ideal partner for Ripple and RLUSD,” said Jack McDonald, SVP of Stablecoins at Ripple.
Ripple’s chief, Brad Garlinghouse, is scheduled to testify before the U.S. Senate this week in the Senate Banking Committee.
Regulatory reform and blockchain innovation, two contentious topics that could impact XRP’s long-term position in the US financial system, are expected to be the focus of his appearance.
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