What one ought to comprehend, oh dear audience:
- Ripple, in a move more theatrical than a Parisian debutante, has selected the venerable BNY Mellon as chief guardian for its U.S. dollar stablecoin, Ripple USD (RLUSD). One imagines velvet gloves, keys jangling, and some serious vault drama! 🎩🔑
- RLUSD, that digital duchess, is backed by U.S. Treasuries, money market funds (for the discerning financier), and simple cash—yes, that old chestnut. The New York Department of Financial Services keeps a watchful eye, presumably between naps. The token, not one to be overshadowed, inflated its coiffure by 30% this month to boast a $500 million silhouette.
- Stablecoins are all aflutter on Wall Street—never has so much legal paperwork been prepared for things pretending to be money!
Picture the stage: Ripple, grande dame of digital payments, on a Wednesday most unremarkable, declares with the flourish of a royal edict that BNY Mellon shall be the prime custodian of the reserves that buttress its precious RLUSD. The audience gasps! (Or perhaps that’s the bankers snoring.)
BNY Mellon, a grand institution old enough to remember wigs and duels (and holding a paltry $53 trillion in custody—quite the piggy bank!), will swaddle these stablecoin assets and keep the show going with transaction banking worthy of the Comédie-Française. Minting? Redemption? All performed between sips of afternoon tea. 🍵
The RLUSD, birthed under the scrutinous gaze of the New York Department of Financial Services (who, one suspects, simply enjoy saying “scrutinous gaze”), is swaddled in short-term Treasuries, merry market funds, and a wink of cash—just enough for flair.
“BNY assembles prodigious custody prowess and a thirst for newfangled invention in this turbulent financial theatre,” declaims Jack McDonald, Ripple’s own SVP of stablecoins, in a statement which no doubt involved dramatic hand flourishes. 🎭
Meanwhile, stablecoins sweep through the financial salons, their popularity rising as U.S. lawmakers draft yet another act (surely longer than any of Molière’s scripts). Each token hopes to be the king’s favorite—if regulators don’t banish them to the Bastille first.
Not content with one scandal, Ripple has also tossed its application for a national banking license at the U.S. Office of the Comptroller of the Currency, and in a true act of bravado, requested a Federal Reserve master account. Imagine RLUSD, daintily sipping champagne with the central bank’s finest!
The rabble (by which we mean “the market”) is enamored, pushing RLUSD’s market cap above $500 million—a 30% growth in a month. CoinGecko, ever the diligent chronicler, nodded approvingly. One wonders if Molière himself would not be tempted to pen a new play: “The Hypochondriac Stablecoin.”
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2025-07-09 15:02