Kraken was chosen by the US Department of Commerce to promote the groundbreaking initiative announced this morning by President Donald Trump and Secretary Howard Rutnick. This initiative, distributing US Gross Domestic Product (GDP) data on nine major public blockchains, marks milestones in the use of blockchain technology to increase transparency in economic data.

As part of this historic effort, Kraken has installed the Department of Commerce as a client, helping to procure cryptocurrencies such as Bitcoin (BTC), Ethereum (Eth), Solana (Sol), Avalanche (Avax), Stellar (XLM), Polygon (Pol), and Tron (TRON (POL)).

By recording an on-chain hash of this critical economic information, the Department of Commerce ensures that US GDP data is verifiable, tampered and globally accessible. This sets new standards for transparency in government reporting.

“This is a groundbreaking moment for both our industry and our country,” said Arjun Sethi, Kraken Co-CEO. “We praise President Trump and Secretary Lutnick for their vision to realize this initiative and are honored to play a role in its implementation. By leveraging blockchain technology to distribute GDP data, the US is setting up a global example of how transparency, trust and innovation can progress.”

“Today’s announcement is a powerful example of how governments and industries can work together to promote innovation across the global economy,” said Jonathan Jacyhm, head of Kraken’s global policy and government relations. “The message is clear: Blockchain technology is becoming more and more present than just the future of financial infrastructure.”

The initiative reflects the Trump administration’s broader commitment to integrating blockchain technology into key government functions and strengthening the US’s position as a global leader in digital innovation. It also uses public blockchains to mark milestones in the G7 economy to spread official economic statistics.

Kraken is still committed to providing safe, reliable and efficient services to support the Department of Commerce for this project and future initiatives.

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

Tanzeel Akhtar is a seasoned journalist who has been reporting on cryptocurrency and blockchain technology since 2015. Her work has appeared in leading publications including The Wall Street Journal,…

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Last updated: 

July 9, 2025

Ripple has appointed the Bank of New York Mellon Corporation (BNY Mellon) as the primary custodian for its enterprise-grade stablecoin, Ripple USD (RLUSD).

According to Ripple this is a step forward to driving institutional adoption of digital assets, with BNY Mellon growing its role in bridging traditional finance and the digital asset space.

RLUSD: Built for Institutional-Scale Use

RLUSD stands out in the crowded stablecoin market for its focus on regulatory compliance, transparency, and enterprise utility.

Issued under a New York Department of Financial Services (NYDFS) Trust Company Charter, RLUSD is designed to meet the operational and risk requirements of financial institutions. RLUSD aims to improve the speed, cost, and efficiency of cross-border payments.

BNY Mellon Brings Proven Custody Infrastructure

By choosing BNY Mellon as the primary reserve custodian, Ripple said it is leaning on the bank’s expertise in digital asset infrastructure. BNY will provide not only custody services but also transaction banking capabilities that support RLUSD’s operations.

The partnership builds on BNY’s track record in stablecoin servicing and reflects its strategic interest in enabling interoperability between digital and traditional financial systems.

“BNY brings together demonstrable custody expertise and a strong commitment to financial innovation in this rapidly changing landscape,” said Jack McDonald, SVP of Stablecoins at Ripple.

“This makes it the ideal partner for Ripple and RLUSD.”

A Step Forward in Digital Asset Integration

This latest partnership is a shift in how legacy financial institutions are responding to the digital asset revolution. BNY Mellon’s involvement strengthens the credibility of RLUSD.

“As primary custodian, we are thrilled to support the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash to support conversions,” said Emily Portney, Global Head of Asset Servicing at BNY.

Swiss Bank Embraces Ripple’s RLUSD

Switzerland-based AMINA Bank became the first international lender to offer custody and trading services for Ripple’s RLUSD stablecoin.

XRP is also up by an impressive 400% in the past year, making it one of the best-performing top-100 coins within this timeframe. And with XRP ETFs likely to gain approval later this year, the long-term XRP price prediction continues to look very encouraging.

In the past day, Zug-based AMINA has revealed that it has become the first bank in the world to support RLUSD, with the Swiss lender planning to expand its related services in the coming months.

Other RLUSD expansion news includes the stablecoin also gaining regulatory approval from Dubai’s financial regulator.