Ripple reaches agreement with major cryptocurrency bank: Reserves will be held in custody
#Ripple , which overturned the SEC lawsuit with the Trump administration, is also accelerating its growth efforts. The company has partnered with BNY Mellon, the oldest bank in the US and one that has been expanding its crypto presence since 2022. BNY will be responsible for holding RLUSD's reserves and converting them to dollars.
BNY Mellon is known as the oldest bank in the United States. Alexander Hamilton, the country's first Treasury Secretary, founded the bank in 1784, and the institution has been operating since then.
This major agreement will also give Ripple additional credibility with regulators. Thanks to this collaboration, RLUSD's reserves will be managed securely and auditably at an institutional level.
Meanwhile, the market capitalization of Ripple's stablecoin, RLUSD, launched just seven months ago, has surpassed $500 million. With a daily trading volume of around $26 million, #RLUSD ranks among the top 20 stablecoins.
As you may recall, last week Ripple applied for a banking license from the U.S. Comptroller of the Currency. This license would allow the company to hold customer deposits and issue RLUSD under federal banking regulations. Circle, the company behind another stablecoin, USDC, also submitted the same application.
