Ripple Selects BNY Mellon as Stablecoin Custodian as rUSD Value Hits $500 Million

Ripple has recently revealed its selection of BNY Mellon to act as the custodian for its upcoming stablecoin, rUSD. This announcement coincides with rUSD achieving a valuation of $500 million. As one of the world’s leading financial institutions, BNY Mellon’s involvement will guarantee enhanced security and regulatory compliance for the assets backing the stablecoin. Through this initiative, Ripple aims to solidify user confidence in its stablecoin and provide a secure setting for trading and financial transactions. This collaboration is seen as a strategic move for Ripple, expanding its range of services in the digital currency space and reinforcing its market position.