Ripple chooses BNY Mellon as custodian for its stablecoin reserves RLUSD d🤔🤔
$XRP Ripple announced that it has chosen BNY Mellon as the main custodian for its new stablecoin reserves, RLUSD. This step represents an important strategic partnership between a leading company in the world of digital currencies and a traditional financial institution.
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Key partnership highlights:
✅Enhancing transparency and trust: BNY Mellon, one of the largest asset custody banks in the world, will manage the reserves of the RLUSD token. This collaboration gives RLUSD great credibility and trust, especially for large financial institutions that require a high level of security and regulatory compliance.
✅Support for reserves: The reserves of RLUSD will consist entirely of cash deposits in US dollars and short-term US Treasury bonds. BNY Mellon will be responsible for overseeing these assets, ensuring that every unit of RLUSD is backed 1:1.
✅Institutional focus: Ripple aims through this stablecoin to meet the needs of financial institutions and companies looking for secure and efficient digital payment solutions across borders. The partnership with BNY Mellon strengthens this direction and opens doors for broader adoption of the currency in the traditional financial sector.
✅Rapid development: Since its launch in December 2024, the RLUSD token has seen significant growth, surpassing a market capitalization of $500 million in less than eight months. This currency is available on both the XRP Ledger and Ethereum networks.
This partnership is a testament to the increasing integration of traditional finance and digital currencies, paving the way for a future where digital assets are used more widely and systematically in global financial systems😌😌.
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