Ripple and BNY Mellon Put Tokenization in the Driver’s Seat

Ripple has expanded its partnership with BNY Mellon to explore additional institutional uses of blockchain technology, including tokenized trade finance, Ripple said in a press release.

BNY Mellon will broaden support for tokenized assets and investment products issued on the XRP Ledger (XRPL), building on the bank’s existing custody support for XRP and RLUSD. The institution also plans to work with Ripple to enable direct minting and redemption of the RLUSD stablecoin through its platform.

BNY Mellon currently serves as the primary custodian of the reserves for Ripple’s RLUSD stablecoin. The expanded arrangement will also see the two organizations explore further institutional blockchain use cases, including tokenization.

The announcement came ahead of today’s Ripple Swell event.