Ripple Selects BNY Mellon as Custodian for RLUSD Stablecoin

Ripple has chosen Bank of New York Mellon (BNY Mellon) to safeguard the reserves backing its forthcoming stablecoin, RLUSD. This partnership aims to provide security and transparency for RLUSD holders. BNY Mellon, a major player in asset servicing, will ensure the safe custody of RLUSD's reserve assets. Emily Portney, Head of Asset Servicing at BNY Mellon, highlighted the collaboration's focus on improving operational efficiency and driving innovation in the financial landscape. This move signals Ripple's commitment to building a reliable and trusted stablecoin. The selection of BNY Mellon, a regulated and established institution, should boost confidence in RLUSD. ```