Ripple has announced the selection of BNY Mellon, the world's largest custodian, as the primary reserves custodian for its new RLUSD stablecoin. This decision underscores Ripple's efforts to integrate digital assets with traditional finance.
Strategic Partnership between Ripple and BNY Mellon
Ripple announced that it has chosen BNY Mellon as the primary custodian for its RLUSD stablecoin, supported by a trusted financial institution. This decision is viewed as a significant step in integrating digital assets with traditional financial infrastructure.
About the RLUSD Stablecoin
RLUSD is a U.S. dollar-backed stablecoin aimed at providing compliant, scalable utility in real-world financial operations. It is designed for use across Ripple's platforms and supports institutional cases, particularly cross-border transactions.
BNY Mellon's Role in Financial Infrastructure
BNY Mellon, the world's largest custodian with over $43 trillion in assets, plays a significant role in global financial infrastructure. The bank provides asset servicing, fund administration, and settlement solutions for institutional investors and government entities.
The selection of BNY Mellon as the custodian for RLUSD highlights the importance of reliable financial infrastructure in successfully integrating digital assets into traditional finance.
