#SECETFApproval Ripple Chooses BNY Mellon as the Primary Custodian for the RLUSD Stablecoin

Ripple has announced the selection of Bank of New York Mellon (BNY Mellon), the world's largest asset custodian bank, as the primary provider of institutional custody services for the RLUSD stablecoin, in a move aimed at enhancing the adoption of digital assets and linking them to the traditional financial sector.

This partnership comes at a time when the RLUSD stablecoin has continued its rapid growth, surpassing the $500 million market cap within just 7 months of its launch, according to data from CoinGecko.

The currency is among the top 20 stablecoins in terms of circulating supply and operates on the XRP Ledger and Ethereum networks.

As part of its efforts to expand regulatory oversight, Ripple recently submitted an application for a national banking charter in the United States, aiming to strengthen the legal and supervisory framework for the currency.

Under the agreement, BNY will be responsible for holding the RLUSD reserves and providing banking transaction services to support Ripple's operations.

Jack McDonald, Head of Stablecoin Strategy at Ripple, commented:

BNY is an ideal partner for Ripple due to its deep expertise in custody and its forward-looking vision for digital asset infrastructure.

For her part, Emily Portney, Global Head of Asset Services at BNY, confirmed that this partnership reflects the bank's commitment to leading the future of the financial sector through