Ripple has announced that BNY Mellon Corporation has been selected as the primary custodian for the reserves of its enterprise stablecoin, Ripple USD (RLUSD). This decision marks a significant step toward increasing institutional adoption of digital assets.
The RLUSD stablecoin is issued under a trust charter from the New York Department of Financial Services (NYDFS) and is designed to meet the operational needs and risk mitigation requirements of financial institutions. Its goal is to enhance the speed, reduce the cost, and improve the efficiency of cross-border payments.