Ripple Partners with BNY Mellon for RLUSD Stablecoin Custody

The Bank of New York Mellon Corporation (BNY Mellon), a longstanding global partner in cryptocurrency initiatives, has announced its latest collaboration with Ripple to serve as the custodian for RLUSD, Ripple's newly launched stablecoin. According to the official press release, this partnership underscores a shared commitment to facilitating institutional-scale digital asset adoption and bridging the divide between traditional finance and the crypto sector. RLUSD, which received approval from the New York Department of Financial Services (NYDFS) late last year, stands out as one of the few globally recognized stablecoins issued under a Trust Company Charter. It maintains a 1:1 peg with the US dollar, backed by high-quality liquid assets, and is specifically designed for enterprise use, particularly in enhancing the efficiency, speed, and cost-effectiveness of cross-border payments, rather than targeting retail users. Emily Portney, Global Head of Asset Servicing at BNY Mellon, expressed pride in supporting the digital asset ecosystem through a tailored platform that meets the dynamic needs of institutions. Beyond custody services, Ripple will leverage BNY Mellon's transaction banking solutions to streamline operations and deliver seamless customer experiences. BNY Mellon, a pioneer among US banks in exploring the cryptocurrency market, has expanded its digital asset offerings since the onset of the COVID-19 pandemic, including custody services for entities like Grayscale.