Ripple Taps BNY to Custody Stablecoin Reserves as RLUSD Surpasses $500M
BNY, one of the oldest and largest custody banks in the world overseeing $53 trillion of assets, will safeguard the stablecoin's reserves and support the token's operations with transaction banking services, including conversions during minting and redemption, according to a press release shared with CoinDesk.
RLUSD, launched in December and regulated by the New York Department of Financial Services (NYDFS), is backed by short-term U.S. Treasuries, money market funds and cash.
"BNY brings together demonstrable custody expertise and a strong commitment to financial innovation in this rapidly changing landscape, as well as a forward-thinking approach to digital asset infrastructure," Jack McDonald, SVP of stablecoins at Ripple, said in a statement.
The move comes as stablecoins are enjoying a breakthrough moment in the broader financial world, with the U.S. advancing to regulate the sector.
Ripple recently applied for a national banking license with the U.S. Office of the Comptroller of the Currency. The company also filed for a Federal Reserve master account, which would allow it to custody RLUSD reserves directly with the central bank and further integrate with the U.S. financial system.
RLUSD saw rising demand as well. The token's market capitalization has surpassed $500 million, growing over 30% through the past month, CoinGecko data shows.Sign in to access your portfolio
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3 Reasons XRP Has Dominated the Cryptocurrency Market in 2025
Key Points The new regulatory landscape has helped XRP and its issuer, Ripple, which had been fighting the SEC in court since 2020. XRP has real-world utility through its role as a bridge currency in Ripple's payment network. Institutional investors have bought over $1 billion in XRP tokens in 2025. 10 stocks we like better than XRP › No top cryptocurrency has done better than XRP (CRYPTO: XRP) in 2025. It's up 59% for the year through Aug. 12, more than Bitcoin, Ethereum, and all the other big names. It has also added more than $50 billion to its market cap over that time frame. It's not always easy to figure out why certain cryptocurrencies catch fire like this. As meme coins have demonstrated, there can be an element of randomness to it. But in XRP's case, there are a few legitimate reasons why it has been so successful this year. 1. A crypto-friendly regulatory landscape XRP's bull run started with the 2024 presidential election, when it went from a price of $0.50 to over $2.50 in about a month. The election of Donald Trump as president was considered good for the crypto industry, as he campaigned on promises to make the U.S. the crypto capital of the planet and to fire then-SEC chairman Gary Gensler, who had led a crackdown on cryptocurrencies. While the election was a tailwind for the entire crypto industry, it was especially good news for XRP. Ripple, XRP's parent company, had been battling the Securities and Exchange Commission (SEC) in court since late 2020 over allegations that sales of XRP were an unregistered securities offering. After taking office, Trump immediately appointed Paul Atkins, who's known for being supportive of cryptocurrencies, to lead the SEC, and Atkins was sworn in on April 21. The expectation was that new SEC leadership would finally lead to a resolution in its lawsuit with Ripple. Although it didn't happen overnight, Ripple and SEC both agreed to drop their respective appeals on Aug. 7. 2. Its role in cross-border payments One of the reasons XRP has caught on with investors is because it has legitimate real-world utility as part of Ripple's payment network. Ripple uses blockchain technology to provide faster and cheaper cross-border payments. It can settle transactions in just 3 to 5 seconds for less than $0.01 in fees. XRP enters the picture when a transaction involves multiple fiat currencies. Ripple offers a service called on-demand liquidity (ODL) that uses XRP as an intermediary for these cross-border transactions. The sender converts the payment to XRP tokens and sends them over the Ripple network. The recipient then converts those XRP tokens to its local currency. By using XRP, neither party needs to hold any foreign currency. It's worth noting that just because a financial institution uses Ripple doesn't necessarily mean it uses XRP, too. Some financial institutions, including American Express and Banco Santander, use Ripple's payment network without its ODL service and have no need for XRP. But there are also banks confirmed to be using XRP, including SBI Remit and Tranglo. 3. Increased interest from institutional investors Most cryptocurrencies haven't caught on with institutional investors yet. Only Bitcoin and Ethereum have bucked that trend, because they're the most established coins and the easiest to buy, especially now that they're available through crypto exchange-traded funds (ETFs). But institutional investors have purchased $1.1 billion in XRP this year, according to data released Aug. 12 by CoinShares. That puts it in third and is a sign that XRP could be next to see widespread institutional adoption. Another reason for optimism about institutional investment is the status of spot XRP ETFs. Several asset managers are seeking XRP ETF approval from the SEC, which is planning to make a ruling in October The expectation that XRP will be the next cryptocurrency to get ETF approval has likely encouraged investors to buy in before that happens. Will XRP keep dominating the crypto market? XRP probably won't keep up this level of outperformance going forward. In fact, if you only look at the last three months, Ethereum has delivered better results. As far as whether XRP is a worthwhile investment, it has an intriguing use case on Ripple's payment network. There's certainly demand for faster, cheaper cross-border payments, although banks can get that purely from Ripple and don't need XRP. I think XRP could be a long-term winner as a crypto investment, but it's volatile and could suffer a pullback after so much recent success. If you're going to invest, I'd recommend a dollar-cost average (DCA) approach, spreading out your investments instead of going in all at once. And given the risk, cryptocurrency should probably only be a small portion of your portfolio. Should you invest $1,000 in XRP right now? Before you buy stock in XRP, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and XRP wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $663,630!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,115,695!* Now, it's worth noting Stock Advisor's total average return is 1,071% — a market-crushing outperformance compared to 185% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 13, 2025 American Express is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Lyle Daly has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin, Ethereum, JPMorgan Chase, and XRP. The Motley Fool has a disclosure policy. 3 Reasons XRP Has Dominated the Cryptocurrency Market in 2025 was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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17 hours ago
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From Coinbase to Ripple: The Biggest Crypto Cases Dumped by Trump's SEC
The momentum has shifted in the yearslong battle between top crypto companies and protocols and the U.S. Securities and Exchange Commission under the new Trump administration. The regulator, which now has a crypto-friendly chairman in Paul Atkins and a crypto task force led by longtime industry advocate Hester Peirce, is moving away from what Pierce and others have called 'regulation by enforcement' to less hostile engagements with crypto. Thus far, those words have rung true with the SEC recently backing away from fights with multiple top crypto companies. Here are the SEC's biggest pivots, reversals, and exits so far under Trump. SEC Chair Paul Atkins Unveils Project Crypto, Greenlighting ICOs, Airdrops and More Ripple The SEC and Ripple Labs officially dropped their respective appeals in August, bringing to an end the four-year lawsuit and landmark crypto case. The resolution breaks the longest-standing battle between the regulator and a crypto firm, stemming back to 2021 allegations about the unregistered sale of securities with XRP. In 2023, a partial ruling fell mostly in favor of Ripple, but the SEC later appealed. SEC and Ripple End Appeals, Closing Landmark Crypto Case as XRP Soars In early 2025, Ripple and the SEC agreed to jointly file requests to suspend their legal appeals, opting instead to 'pursue a negotiated resolution' pending official Commission approval. But that negotiated resolution was slammed by SEC Commissioner Caroline Crenshaw and later denied by a U.S. district judge. After a second denial by the courts, Ripple said it would drop its cross-appeal in June, ultimately finalizing the move in August alongside the SEC, ending the case. When Ripple CEO Brad Garlinghouse first announced that the case against Ripple would be ending pending Commission approval, he called it 'a victory and [a] long overdue surrender from the SEC.' Binance The SEC submitted a filing on May 29 to dismiss its ongoing case against Binance, which alleged that the crypto exchange, founder and former CEO Changpeng "CZ" Zhao, and offered the unregistered sale of securities and more. SEC Agrees to Drop Lawsuit Against Binance and Founder CZ: Court Filing The parties sought a joint stay, or a 60-day pause, in February to seek a resolution to the case, largely thanks to the SEC's newly established crypto task force, which both parties anticipated could 'impact and facilitate the resolution of the case.' The exchange has dealt with alleged securities, money laundering, and sanctions compliance issues since at least 2023, which led to two separate settlements for $4.3 billion and $2.7 billion, respectively. Zhao recently dismissed claims that he was courting President Trump for a pardon with equity, though he added that he has begun the legal process for seeking one. Crypto rulemaking case On February 17, the SEC voluntarily dropped an appeal in a case revolving around the regulator's previous attempts to extend securities laws to decentralized finance (DeFi) applications and users. The appeal was made after a federal judge in Texas called the regulator's expanded definitions unlawful, citing that it was conflating DeFi traders with financial brokers. SEC Reverses Course, Dismisses Its Own Crypto Rulemaking Case Appeal The dropped appeal ensures that DeFi protocols do not need to register with the SEC as securities exchanges, leading the Blockchain Association CEO Kristin Smith to call it a 'complete and total victory.' Coinbase Leading American crypto exchange Coinbase had its lawsuit officially dismissed by the SEC in February. The suit, which was filed in 2023, alleged that the platform knowingly operated as an unregistered securities exchange, specifically calling out tokens like Solana and Polygon in the process. SEC Officially Dismisses Coinbase Lawsuit Over Crypto Securities Claims In its statement on the move, the Commission said that the decision 'rests on its judgement that the dismissal will facilitate the Commission's ongoing efforts to reform and renew its regulatory approach to the crypto industry.' Prior to official approval, Coinbase Chief Legal Officer Paul Grewal said of the dismissal 'there will be no settlement or compromise—a wrong will simply be made right." OpenSea The SEC has ended its investigation into NFT marketplace OpenSea, the firm said in February, dropping charges that alleged it operated as an unlicensed securities brokerage. The platform indicated it received a Wells notice from the regulator in August 2024, signaling the SEC would take action against it. 'This is a win for everyone who is creating and building in our space,' said OpenSea CEO Devin Finzer. 'Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation.' OpenSea Says SEC Will End Investigation Into Ethereum NFT Marketplace Robinhood Crypto An SEC investigation into Robinhood—one which the platform claims should never have been opened—ended with no action taken by the regulator. 'As we explained to the SEC, any case against Robinhood Crypto would have failed,' said Robinhood's Chief Legal, Compliance and Corporate Affairs Officer Dan Gallagher. 'We appreciate the formal closing of this investigation, and we are happy to see a return to the rule of law and commitment to fairness at the SEC." SEC Ends Robinhood Investigation 'With No Action' The firm was notified of a potential enforcement action in May 2024 when it received a Wells notice from the Gary Gensler-led SEC. Uniswap Labs Uniswap Labs, the creator of Ethereum decentralized exchange Uniswap, said in February that the SEC has ended its investigation into the organization without filing any charges. Like other leading crypto organizations, Uniswap Labs received a Wells notice in April 2024 which alleged it operated as an unregistered securities broker, exchange, and clearing agency, and that had enabled the sale of an unregistered security. Ethereum DeFi Exchange Uniswap Says SEC Has Dropped Its Investigation With the investigation said to be over, all of the aforementioned claims have now been dropped, said its CEO Hayden Adams. 'They went after us despite having no clear legal basis, as part of a strategy of arbitrary enforcement to try to force DeFi into a regulatory framework that doesn't fit—all while refusing to provide clear rules or a path to compliance,' he posted on X. 'This is a huge win, not just for Uniswap Labs but for DeFi as a whole.' Gemini Trust A two-year investigation into Gemini Trust about the unregistered sale of securities ended last week without an enforcement action from the Commission. Gemini co-founder Cameron Winklevoss noted the milestone, but said that it 'does little to make up for the damage this agency has done to us, our industry, and America.' SEC Softens Crypto Stance as Justin Sun Eyes Settlement, Gemini Cleared of Probe Winklevoss estimated that the regulator cost his firm 'tens of millions in legal fees and hundreds of millions in lost productivity, creativity, and innovation." On April 1, the SEC and Gemini also mutually agreed to a 60-day stay over the $900 million lawsuit related to the firm's lending program Justin Sun/Tron Like Binance, Justin Sun and Tron filed a joint motion alongside the SEC to temporarily stay the regulator's case in the hopes of finding a resolution. The case stems back to 2023 when the SEC alleged that Sun made more than 600,000 wash trades to create misleading Tron (TRX) volumes that led to around $32 million in profits. The joint filing indicates a resolution would be beneficial on account of 'conserving judicial resources.' Consensys MetaMask and Linea parent company, Consensys, had its case officially dismissed on March 27, which focused on staking features within MetaMask. Ethereum Software Firm Consensys Says SEC Plans to End Lawsuit 'We were committed to fighting this suit until the bitter end but welcome this outcome,' said Consensys founder and CEO Joseph Lubin on X when it was expected the Commission would drop the case. 'Now we can get 100% back to building. 2025 is going to be the best year yet for Ethereum and Consensys.' (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.) Kraken The Commission agreed to drop its latest lawsuit into the American centralized exchange Kraken, the firm said on March 3, pending commissioner approval. That approval came on March 27, officially dropping the case. The SEC originally alleged that the firm violated securities laws with its staking-as-a-service system. That suit was settled in February 2023, with Kraken agreeing to pay a $30 million fine. SEC Will Drop Lawsuit Against Kraken, Says Crypto Exchange But the regulator sued the platform again in November 2023, alleging it was operating as an unregistered securities exchange, dealer, and broker. That lawsuit is the one that it 'agreed in principle' to drop. In conclusion, the exchange indicated there is 'no admission of wrongdoing, no penalties paid, and no changes to our business.' Yuga Labs Bored Ape Yacht Club creator Yuga Labs announced on March 3 that the SEC closed its investigation into the company. The investigation had been ongoing since 2022, with the regulator scrutinizing the company's NFT offerings, as well as the ApeCoin token launch. The Ethereum token's creation was officially created to the 'ApeCoin DAO.' Bored Ape Creator Yuga Labs Says SEC Closing Investigation in 'Huge Win' for NFT Sector 'This is a huge win for NFTs and all creators pushing our ecosystem forward,' the company posted on X. 'NFTs are not securities.' Horizen Labs A representative for Horizen Labs confirmed to Decrypt on March 4 that an investigation into the company—due to its affiliation with the ApeCoin launch—was ended by the SEC with a recommendation of no enforcement action. 'I can say personally how much of a weight off our shoulders this is for those who just want to build and always try to do the right thing,' CEO Rob Viglione said. 'Horizen Labs could have gone offshore, like many did, but we chose to stay in the U.S. despite the war on crypto.' Cumberland DRW Market maker Cumberland's case was officially dropped alongside a pair of other crypto cases on March 27. The Commission brought a suit against the firm in October 2024, alleging it acted as an unregistered dealer of securities. Crypto Trading Firm Cumberland Says SEC Plans to Drop Lawsuit 'As a firm deeply committed to the principles of integrity and transparency, we look forward to continuing our dialogue with the SEC to help shape a future where technological advancements and regulatory clarity go hand-in-hand,' it posted on X when it first announced the joint filing to drop the case. sued the SEC in October 2024 after it received a Wells notice from the regulator over potential securities violations. But now the Commission has ended its investigation into the platform and will file no enforcement action. 'We are pleased that the current SEC leadership has made the decision to close its investigation into with no enforcement action or settlement,' said Nick Lundgren, Chief Legal Officer of in a statement. 'Compliance and integrity are core to business and we are excited to work with soon-to-be-confirmed Chair Atkins and the rest of the Commission on our long-awaited desire for legislation and rulemaking.' Immutable After receiving a Wells notice in October 2024, the Ethereum-based gaming company announced on March 25 that the SEC had concluded its investigation into the firm. The investigation centered on potential securities violations surrounding the sale of IMX tokens in 2021 in which Immutable raised at least $12.5 million. SEC Drops Investigation into Web3 Gaming Firm Immutable 'That inquiry is now officially closed, with zero findings of wrongdoing, and the SEC is taking no action,' Immutable posted on X. 'This is a huge win - not just for Web3 gaming, but everyone who believes in digital ownership rights.' Hawk Tuah Girl Haliey Welch, better known as the "Hawk Tuah" girl, told TMZ that the SEC's investigation into her meme coin debacle is now over. 'For the past few months, I've been cooperating with all the authorities and attorneys, and finally, that work is complete,' Welch told the outlet. Hawk Tuah Girl Says SEC Dropping Probe Into Solana Meme Coin: TMZ In December the internet celebrity launched a Solana meme coin—HAWK—which went horribly wrong, leading to allegations of a rug pull as the token's price collapsed very quickly after launch. The team behind the token denied any wrongdoing. Helium The SEC dismissed its lawsuit against Nova Labs, the team behind Helium, a Solana-based decentralized wireless connectivity network. 'We can now definitively say that all compatible Helium Hotspots and the distribution of HNT, IOT, and MOBILE tokens through the Helium Network are not securities,' Helium wrote. SEC Dismisses Helium Case, Ending Gary Gensler's Final Act The lawsuit against the firm was among Gary Gensler's final acts in power while leading the Commission, dropping on January 20, 2025 right before the administration shift to President Donald Trump. Nova Labs agreed to pay a $200,000 fine to settle part of the suit related to claims that Helium misled investors with claims over companies it said was using the network. PayPal PayPal faced almost two years of scrutiny over its PYUSD stablecoin, but the SEC took no action against the payments giant. The regulator first sent the company a subpoena in November 2023 seeking documents related to PYUSD, though specific details were not made public. But in February, the SEC decided it would end the investigation, according to an April filing from PayPal. CyberKongz The SEC dropped an investigation into Ethereum NFT project CyberKongz after nearly two years of communication with the project, the creators said. Ethereum Gaming Project CyberKongz Says SEC Has Ended Investigation The project said it received a Wells notice from the regulator in December, an indication that it may have enforcement taken against it. However, the investigation, which centered on the project's BANANA token and its gaming contract migration in 2021, ended with no action. 'After years of litigation, unjust allegations, crippling legal fees, and the biggest hurdle we could possibly encounter—we are free,' the project posted on X. Editor's note: This story was originally published on March 2, 2025 and last updated with new details on August 13.
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20 hours ago
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Should You Buy XRP While It's Less Than $4?
Key Points Healthy investor demand for cryptocurrencies has XRP pushing toward its all-time high. Potential spot XRP ETFs are yet another catalyst on the way. However, XRP is likely to remain a risky investment. 10 stocks we like better than XRP › Cryptocurrency investors are enjoying a huge bull market right now. Ironically, it's not Bitcoin stealing the show (though the flagship crypto's price has doubled during the past year), but XRP (CRYPTO: XRP), which has seen its price rise by almost 500%. XRP is now more than $3.25 per share (as of Aug. 12), leaving investors wondering whether the token is ready to surpass $4 for the first time. The Trump administration's pro-crypto stance and policies have been game-changers for XRP and the broader sector, and XRP specifically has another exciting catalyst on the horizon. Here is what you need to know, and whether XRP is a buy for less than $4. XRP and other cryptocurrencies have a lot of momentum right now There are many positive developments in the cryptocurrency landscape. Donald Trump campaigned on supporting cryptocurrencies, and his administration has largely followed through since assuming office in January. Trump announced an executive order to establish a better regulatory framework for the crypto industry, as well as strategic reserves for Bitcoin and other digital assets. XRP's developer, Ripple, had been engaged in a lawsuit with the Securities and Exchange Commission (SEC) since late 2020 over the company's sale of XRP tokens to exchanges and institutional investors. A judge issued a mixed ruling in the summer of 2023, but the two sides had appealed and cross-appealed the verdict. Both parties have moved to drop their appeals, ending the litigation. Ripple developed the XRP ledger for cross-border transactions. XRP is the native token for the XRP ledger. With the litigation overhang dissipating, it's more likely that companies, governments, and other institutions, for which Ripple developed XRP and the XRP Ledger, may embrace them for their intended purpose. Trump also just signed an executive order to open up U.S. 401(k) retirement plans to alternative assets, which would include cryptocurrencies. This likely won't have an immediate effect on demand. Still, it underscores cryptocurrency's progress into the mainstream investing scene, and may increase buying activity in XRP and broader digital assets over the long term. A new catalyst on the horizon for XRP Cryptocurrency prices rely on buyer demand, since they have little or no underlying tangible value. The two largest cryptocurrencies, Bitcoin and Ethereum, have spot exchange-traded funds (ETFs) that accumulate the coins. For instance, the Grayscale Bitcoin Trust ETF holds more than 180,000 bitcoins alone, so you can see how these institutional funds can have a lot of buying power. Perhaps it's only natural, since XRP is the third-largest cryptocurrency, but multiple institutions have filed applications to launch spot ETFs that hold XRP. There are at least nine applications filed with the SEC to launch spot XRP ETFs, and that doesn't include some of the financial sector's most prominent players, like BlackRock. The SEC could issue a decision on some of these ETFs as early as this fall. Should investors buy while XRP is less than $4? I can see why XRP's price has risen so much lately. The litigation was a storm cloud over XRP that arguably helped prevent it from surpassing its previous highs from years ago. Meanwhile, Bitcoin has continued to surge to new heights amid growing interest in cryptocurrencies. With all these positive developments, XRP has made up a bit of ground over the past year. But as I've written previously, XRP is still a very small player in cross-border transactions, and its long-term future remains highly speculative. Even if XRP's price does breach $4, it, like other cryptocurrencies, has historically been a rollercoaster and may not sustain those highs. There is nothing wrong with having some exposure to XRP, because it does have a path to increased usage and value over the coming years. As always, approach cryptocurrencies with a lot of caution, and avoid letting them represent too much of your total investments. Should you buy stock in XRP right now? Before you buy stock in XRP, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and XRP wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $660,783!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,122,682!* Now, it's worth noting Stock Advisor's total average return is 1,069% — a market-crushing outperformance compared to 184% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 13, 2025 Justin Pope has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and XRP. The Motley Fool has a disclosure policy. Should You Buy XRP While It's Less Than $4? was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
