Ripple has introduced Ripple Mint, a new platform designed to help institutions mint, redeem, bridge, and manage RLUSD—the company’s stablecoin—through both a user interface and API integrations. This move aims to bolster RLUSD’s significance in tokenized finance as the trend toward automated treasury workflows gathers pace.
Ripple Mint and RLUSD integration
According to Ripple, current RLUSD institutional users already have access to Ripple Mint and its suite of features. The launch is positioned as a key step in providing essential infrastructure for major financial firms, enabling real-time transaction visibility and seamless integration with their existing treasury operations.
The host of Crypto Sensei, a cryptocurrency-focused channel, noted that the platform’s automation and transparency are intended to help accelerate the uptake of digital asset infrastructure in traditional finance circles. Ripple’s focus is to make RLUSD a central settlement tool for tokenized assets and funds, offering liquidity beyond the traditional exchange-traded stablecoin model.
BNY Mellon’s role in stablecoin reserves
BNY Mellon serves as custodian for RLUSD’s underlying cash and Treasury-backed reserves. The bank, one of the world’s largest custodians, has extended its digital asset settlement infrastructure to support Ripple’s stablecoin ambitions and broaden the access of its institutional network to the tokenized finance sector.
With approximately $54 trillion in assets under custody or administration, BNY Mellon accounts for more than 20% of the world’s investable assets. Its partnership with Ripple reflects an ongoing shift as established banking institutions explore digital asset models and custody solutions.
Mini dictionary: BNY Mellon is a global bank and financial services company known for its asset servicing, investment management, and digital custody offerings, playing a key role in financial market infrastructure.
Tokenized treasuries and always-on markets
While tokenized Treasury settlement products are growing, they remain relatively small compared to the traditional bond market. U.S. Treasuries outstanding exceed $30 trillion, while the current market for tokenized Treasury products was estimated at around $7.4 billion.
The push for “always-on” markets aims to make Treasury, collateral, and credit transaction infrastructure available 24/7. In this setting, RLUSD could operate as a cash-equivalent form of settlement liquidity for tokenized assets, facilitating round-the-clock operations rather than functioning solely as a stablecoin for exchange trading.
In the pursuit of continuous settlement, RLUSD is positioned to support the liquidity needs of tokenized funds and Treasury instruments, potentially transforming it from a traditional stablecoin into an institutional-grade settlement solution.
Institutional applications and XRP-backed receipts
Crypto Sensei indicated that Ripple Prime, the company’s institutional digital asset platform, has reportedly begun issuing depository receipts backed by XRP. This structure lets institutions post XRP as collateral and, in return, access dollar-denominated credit. Such a mechanism makes it possible for institutions to gain trading exposure, including to CME futures, without needing to directly sell their XRP holdings.
Some financial institutions face restrictions on holding crypto assets directly. The creation of receipts representing XRP held in custody could allow these firms to manage exposure to digital assets through traditional portfolio systems. The current scale and list of official counterparties for this initiative have not been disclosed publicly.
Mini dictionary: Depository receipts are transferable financial instruments that represent ownership of securities or assets held by a custodian, allowing institutional investors to gain indirect exposure to underlying assets.
Some institutional desks may not have the regulatory clarity required to directly hold crypto, so XRP receipts facilitate access and credit without breaching internal policies.
XRP ETF exposure grows
The analyst also cited an uptick in U.S. spot XRP ETF activity, which is approaching $1 billion in assets under management. Current figures suggest these ETFs are about 23 million XRP away from surpassing that milestone, highlighting increasing institutional interest in XRP-based investment products.
