Ripple has taken a significant step by choosing The Bank of New York Mellon (BNY Mellon) as the custodian for its new stablecoin $RLUSD reserves, enhancing trust in the cryptocurrency.
A Trusted Name for Stablecoin Security
BNY Mellon is one of the oldest and most respected banks in the U.S., with trillions of dollars in assets under custody. By selecting BNY Mellon, Ripple signals its intent to build $RLUSD on a strong foundation of compliance and trust.
Reinforcing Confidence in Ripple’s Stablecoin
This decision comes at a time when stablecoins are under increased scrutiny from global regulators. With BNY Mellon handling the reserves, Ripple can provide better assurance that $RLUSD is properly backed and trustworthy.
BNY Mellon’s Continued Push into Digital Assets
BNY Mellon’s role in safeguarding $RLUSD reserves isn’t its first foray into crypto. The bank has been gradually deepening its presence in digital assets, offering custody services for cryptocurrencies and partnering with various blockchain firms.
Ripple's partnership with BNY Mellon highlights the blending of traditional finance with blockchain technology, providing users with more reliable and secure financial tools.
