Odaily Planet Daily News Ripple announced that it has selected Bank of New York Mellon to custody its stablecoin RLUSD's US dollar cash and US Treasury bond reserves, and the circulation scale of RLUSD has exceeded US$500 million. The move is designed to ensure that RLUSD holders can redeem US dollars at a 1:1 ratio, and the redemption mechanism follows the same regulatory standards as traditional money market funds. Bank of New York Mellon has established a dedicated digital asset department since 2021 and will officially open services to institutional-level crypto clients in 2022. (The Block)