Ripple has announced that Spain’s second-largest bank, BBVA, would integrate its institutional-grade custody technology into the bank’s retail crypto platform in Spain.

This signals a new phase of mainstream adoption for digital assets in Europe, coming at a time when the region’s banks are embracing the regulatory clarity provided by the EU’s Markets in Crypto-Assets (MiCA) law.

Ripple’s crypto custody enters Spain

The agreement between Ripple and BBVA enables BBVA customers to trade and securely hold bitcoin and ether directly within the bank’s mobile application.

By using Ripple Custody, BBVA can manage cryptocurrencies and tokenised assets without depending on third-party intermediaries, giving customers a more seamless and trusted experience.

The Spanish lender disclosed the new offering to Spain’s National Securities Market Commission (CNMV), underscoring its commitment to transparency and compliance.

With this rollout, BBVA becomes one of the first major European banks to make crypto trading and custody services available to retail clients under a fully regulated framework.

Building on past collaborations

The new agreement is not the first between the two companies. Ripple and BBVA have previously worked together in Switzerland and Turkey, where the custody technology was deployed to support similar initiatives.

BBVA’s Swiss unit had already collaborated with Metaco, the digital asset firm Ripple acquired in 2023, to build out its custody operations.

The pair also tested real-time cross-border payments in earlier pilot projects, signalling a broader ambition beyond custody alone.

Last month, BBVA was reported to have taken on a role as one of the few independent custodians serving clients of Binance, the world’s largest crypto exchange.

European banks can offer crypto services under MiCA

BBVA’s move in Spain reflects a broader shift within Europe’s financial industry.

MiCA’s implementation has given traditional banks a clear path to enter the crypto sector while ensuring customers remain protected.

Ripple executives have pointed to MiCA as a turning point for the European banking sector.

Cassie Craddock, Ripple’s managing director for Europe, noted that the regulation gives banks the confidence to deliver digital asset services their customers have long demanded.

By adopting Ripple’s custody solution, BBVA can scale its offering to meet rising demand without compromising on compliance or security.

For Ripple, the deal in Spain adds another milestone in its strategy to support regulated financial institutions across Europe.

BBVA echoed the same sentiment, stressing that customers can now explore digital assets while maintaining the security expected from a global bank.

Francisco Maroto, who heads the lender’s digital asset unit, said Ripple’s custody system delivers the reliability and security needed to earn customer trust.

Moroto added that the partnership allows BBVA to provide an end-to-end custody service, strengthening the bank’s position as a leader in Europe’s evolving crypto landscape.

The post Spanish bank BBVA taps Ripple to power retail crypto custody under MiCA appeared first on CoinJournal.

Spanish bank BBVA taps Ripple to power retail crypto custody under MiCA

Source: https://coinjournal.net/news/spanish-bank-bbva-taps-ripple-to-power-retail-crypto-custody-under-mica/

Ripple has appointed the Bank of New York Mellon (BNY Mellon) as the primary custodian for reserves backing its US dollar-pegged stablecoin, RLUSD.

The partnership, announced Wednesday, aims to strengthen regulatory compliance and institutional credibility for Ripple and its stablecoin product.

BNY Mellon, the oldest bank in the United States and a major provider of financial services to institutional clients, will facilitate the movement of reserve assets and cash to support RLUSD conversions.

The arrangement marks a significant development in Ripple’s stablecoin strategy, which launched in December 2024.

“As primary custodian, we are thrilled to support the growth and adoption of RLUSD,” said Emily Portney, global head of asset servicing at BNY. “We are proud to be working closely with Ripple to continue propelling the future of the financial system.”

Institutional interest signals “Stablecoin Summer”

The collaboration between Ripple and BNY Mellon reflects a broader trend of traditional financial institutions entering the stablecoin space.

This wave of engagement, dubbed “stablecoin summer” by CNBC, is gaining momentum amid shifting regulatory dynamics in the US.

The Trump administration is rolling back restrictive crypto policies from the Biden era, while the Senate recently passed the GENIUS Act to set guardrails for US dollar-pegged stablecoins.

This regulatory clarity is attracting major corporate players. Amazon and Walmart are said to be exploring stablecoin initiatives, while companies such as Uber, Apple, and Airbnb are also reportedly assessing similar possibilities.

Stablecoins, which are digital tokens pegged to assets like the US dollar, aim to combine the speed and efficiency of blockchain networks with the price stability of fiat currencies.

Their growing appeal among institutions underscores their perceived utility in modernizing financial infrastructure.

Ripple Eyes US banking charter, federal reserve access

In addition to securing BNY Mellon as a custodian, Ripple recently applied for a US national banking charter and a Federal Reserve master account.

If approved, this would enable Ripple to hold RLUSD reserves directly with the central bank and integrate more deeply into the US payments system.

Ripple, founded 13 years ago, is best known for its cross-border payments platform serving banks, payment providers, and other financial institutions.

While its operations are largely international, the RLUSD launch represents a strategic move to expand its US footprint.

BNY Mellon’s involvement in crypto dates back to 2021, when it established a digital assets unit focused on servicing bitcoin and other cryptocurrencies.

The bank’s custodial partnership with Ripple is its latest step in supporting the broader digital assets ecosystem.

The post BNY Mellon to custody Ripple’s stablecoin reserves appeared first on CoinJournal.

BNY Mellon to custody Ripple’s stablecoin reserves

Source: https://coinjournal.net/news/bny-mellon-to-custody-ripples-stablecoin-reserves/