Ripple has named the Bank of New York Mellon Corporation (BNY Mellon) as the primary custodian for its enterprise-grade stablecoin, Ripple USD (RLUSD).
The company announced via Twitter that the partnership with @BNYglobal underscores BNY Mellon’s role as the primary reserves custodian for $RLUSD, a stablecoin designed for practical use and backed by one of the world’s most reputable financial services institutions. https://t.co/T2ZWkvb9cL
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Ripple indicated that this decision marks a significant advancement toward promoting institutional adoption of digital currencies, as BNY Mellon enhances its position in merging traditional finance with the evolving digital asset landscape.
RLUSD: Built for Institutional-Scale Use
RLUSD distinguishes itself in the competitive stablecoin sector through its commitment to regulatory compliance, transparency, and utility for enterprises.
Issued under the Trust Company Charter of the New York Department of Financial Services (NYDFS), RLUSD is structured to address the operational and risk needs of financial firms, with the goal of enhancing the speed, affordability, and effectiveness of cross-border transactions.
BNY Mellon Brings Proven Custody Infrastructure
By selecting BNY Mellon as its primary reserve custodian, Ripple is leveraging the bank’s substantial expertise in digital asset infrastructure. Besides providing custody services, BNY Mellon will offer transaction banking support to facilitate RLUSD’s operations.
This collaboration builds on BNY Mellon’s established reputation in stablecoin services and illustrates its strategic commitment to fostering 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,” stated Jack McDonald, Senior Vice President of Stablecoins at Ripple. “This makes it the ideal partner for Ripple and RLUSD.”
A Step Forward in Digital Asset Integration
This recent collaboration signifies a pivotal moment in the response of legacy financial institutions to the rising trend of digital assets. BNY Mellon’s involvement adds credibility to 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,” noted Emily Portney, Global Head of Asset Servicing at BNY.
Swiss Bank Embraces Ripple’s RLUSD
In a notable development, Switzerland-based AMINA Bank has emerged as the first international lender to provide custody and trading services for Ripple’s RLUSD stablecoin.
XRP has seen a striking 400% increase over the past year, positioning it among the best-performing top-100 cryptocurrencies during this period. Furthermore, with the potential approval of XRP ETFs anticipated later this year, projections for the future price of XRP remain optimistic.
Recently, Zug-based AMINA made headlines by announcing its support for RLUSD, with plans to expand its related services over the coming months.
In addition, RLUSD has secured regulatory approval from the financial regulator in Dubai, signaling further expansion opportunities for the stablecoin.
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