Ripple Partners with BNY Mellon for RLUSD Custody

Ripple has partnered with the Bank of New York Mellon Corporation (BNY Mellon), the oldest bank in the U.S., for the custody of its recently launched stablecoin, RLUSD. This partnership aims to bridge the gap between traditional finance and cryptocurrency, promoting digital asset adoption on an institutional scale. RLUSD, unlike other stablecoins, is designed for enterprise utility, aiming to enhance the speed, cost, and efficiency of cross-border payments. BNY Mellon will serve as the primary custodian for RLUSD, as part of its support for the growth of digital assets.

Additionally, Ripple will employ BNY Mellon's transaction banking services to further streamline its operations and customer solutions. This collaboration builds on BNY Mellon's existing involvement in the cryptocurrency market, which includes the provision of custody to digital asset firms.