Ripple USD (RLUSD) Partners with Bank of New York Mellon to Accelerate Entry into Traditional Financial System

Ripple announced that the Bank of New York Mellon will become the primary reserve custodian for its stablecoin Ripple USD (RLUSD), marking a key step for RLUSD in terms of transparency and compliance.

Reece Merrick, Managing Director of Ripple Middle East and Africa, stated that this collaboration not only enhances the credibility of RLUSD but also demonstrates that institutional funds are rapidly shifting towards stablecoins.

RLUSD is designed as a high-standard stablecoin for institutions, 100% backed by USD deposits, short-term government bonds, and cash equivalents, and regulated by the Bank of New York Mellon, which manages assets exceeding $47 trillion.

In the context of increasing global regulatory scrutiny, Ripple aims to stand out among numerous stablecoins through the compliance and transparent structure of RLUSD, better meeting the needs of the institutional market.

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