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BNY to Guard Ripple’s RLUSD Fortune: Trillions Meet the Blockchain Circus!

BBG News

Ripple, in its tireless quest for relevance and gravitas among financial titans, has clung to the towering leg of BNY—perhaps hoping a bit of those $53.1 trillion dust particles will rub off on RLUSD’s modest fortune. Yes, comrades, the $500 million “potato” that backs Ripple’s stablecoin is now to rest beneath the iron gaze of bankers who have seen enough zeros to make mathematicians weep. 🪙💼

The Dollars That Sleep in BNY’s Marble Vaults

After much suspense—riveting for those who passionately debate whether a digital dollar keeps better under the mattress or in a trillion-dollar fortress—Ripple at last revealed the custodian of its RLUSD funds. No random piggy bank, but rather BNY, that ancient cathedral of finance, will cradle the sum. Yes, the same BNY that juggles astronomical assets, probably without even breaking a sweat or a golden monocle.

Here’s the deal: BNY will bank Ripple’s stash while offering pleasant banking pleasantries, and in turn Ripple gets to peddle security and speed, as if retail stablecoins were reckless skateboard kids and RLUSD is a limousine. Everyone’s suddenly more trustworthy—at least at the press release table. 🤝✨

Jack McDonald, with all the zeal of a man who just found an extra sausage in his soup, assures us that Ripple now “addresses a critical gap in the market.” The gap, of course, being one where stablecoins are not yet boring enough for boardrooms and require the “rigorous standards” that only men in suits can provide.

Emily Portney, BNY’s oracle of asset servicing, uttered these immortal words:

As primary custodian for RLUSD, we’re proud to support the growth of digital assets by providing a differentiated platform, designed to meet the evolving needs of institutions in the digital assets ecosystem.

Translation: “We are here, the check cleared, and we now watch these magic Internet coins like hawks with MBAs.”

Meanwhile, Ripple’s Brad Garlinghouse, never missing an opportunity for a victory lap, waxed poetic about how this partnership injects fresh trust into the blockchain behemoth. He’d like you to know about Ripple’s “sixty global licenses,” which—if framed—would wrap around a decent-sized conference room.

If you thought Switzerland was just fondue and numbered accounts, think again! Amina Bank of Zug, in a fit of progressive enthusiasm, has become the first bank to handle custody and trading of RLUSD. Stablecoin fever: catch it while supplies last! 🏦💫

As a grand finale: earlier this month Ripple even tried its luck with a national banking license in the U.S., reasoning, perhaps, that there are never enough bureaucrats peering over your shoulder when you’ve come this far.

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2025-07-10 14:02

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