Ripple has announced a partnership with the Bank of New York Mellon Corporation (BNY Mellon) as the primary custodian for its stablecoin RLUSD. This event has drawn attention to the stablecoin's potential in the global market.
Ripple and BNY Mellon Partnership
Ripple officially announced that BNY Mellon will serve as the main custodian for RLUSD, its enterprise-grade stablecoin. Ripple's President, Monica Long, framed this partnership as a crucial step in establishing RLUSD as the standard for global enterprises.
Benefits of RLUSD for Institutional Clients
RLUSD is designed for institutional clients, suitable for cross-border payments that require liquidity, speed, and oversight. With BNY Mellon in charge of reserve custody, Ripple transitions from aspirational to operational. This shift endows RLUSD with institutional credibility that most stablecoins cannot achieve.
Market Reaction to RLUSD and XRP News
Meanwhile, XRP has shown positive momentum, breaking the $2.31 mark and reaching $2.35. If the volume remains stable, the next momentum targets could be around $2.45 and $2.62. Investors often view XRP and RLUSD as interconnected elements of a broader narrative, where institutional wins influence perceptions of both assets.
With the new partnership with BNY Mellon, Ripple strengthens RLUSD's position in the international market, while also generating interest in XRP, which may impact future investment decisions.
