BNY Mellon to provide USD reserve custody services for Ripple’s stablecoin RLUSD

Odaily News Ripple announced on Wednesday that it has selected Bank of New York Mellon to hold the U.S. dollar cash and U.S. Treasury reserves of its stablecoin RLUSD, with the circulation of RLUSD exceeding $500 million. As one of the largest custodian banks in the United States, Bank of New York Mellon manages approximately $52 trillion in total assets and will provide secure custody for RLUSDs reserve assets and assist in liquidity management. The move aims to ensure that RLUSD holders can redeem U.S. dollars at a 1:1 ratio, and the exchange mechanism follows the same regulatory standards as traditional money market funds. Bank of New York Mellon established a dedicated digital asset department in 2021 and officially opened its services to institutional-level crypto clients in 2022. (The Block)