📢BNY Mellon Will have Custody of Ripple's New Stablecoin🚀💰
Bank of New York Mellon will be the primary custodian for the Ripple's U.S. dollar-pegged stablecoin reserves going forward, the two companies said Wednesday.
The partnership should enhance regulatory compliance for Ripple, the issuer of ripple USD (RLUSD), and boost institutional credibility for the company as well as the fast-growing stablecoin industry. BNY is the nation's oldest bank and primarily serves institutions and corporations.
"BNY is committed to delivering differentiated, end-to-end solutions, designed to meet the needs of institutions across the entire digital assets ecosystem," Emily Portney, global head of asset servicing at BNY, said in a statement.
"As primary custodian, we are thrilled to support the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash to support conversions and are proud to be working closely with Ripple to continue propelling the future of the financial system."
In recent weeks, Ripple also applied for a U.S. national banking charter and a Federal Reserve master account, which would allow the company to hold reserves directly with the central bank and access its payment rails.
