Ripple Selects BNY Mellon as Custodian for Stablecoin as RlUSD Nears $500 Million

Ripple has recently announced the selection of BNY Mellon as the custodian for its upcoming stablecoin, a strategic move aimed at bolstering confidence in the digital asset. This announcement coincides with RlUSD, Ripple’s existing stablecoin, approaching the $500 million mark, indicating substantial growth in investor interest. This collaboration seeks to combine Ripple’s expertise in blockchain technology with BNY Mellon’s proficiency in traditional financial services. BNY Mellon is anticipated to deliver secure custody and regulatory compliance services for the new stablecoin, thereby enhancing its appeal to both institutional and individual investors. This decision arrives amidst increased regulatory scrutiny of stablecoins, making compliance and transparency vital factors for success. Through this partnership, Ripple aims to establish a novel benchmark for stablecoins within the digital asset market, contributing to the widespread growth and adoption of digital assets.