Ripple has entered into a partnership with Bank of New York Mellon (BNY Mellon), appointing the institution as the primary custodian for the reserves backing its RLUSD stablecoin.
The collaboration leverages BNY Mellon’s extensive banking infrastructure and regulatory expertise, aiming to bolster the credibility and broader adoption of RLUSD.
BNY Mellon’s role is expected to enhance RLUSD’s operational efficiency, security, and compliance posture, factors crucial for attracting institutional users.
RLUSD operates under the regulatory framework of the New York State Department of Financial Services (NYDFS) Trust Company Charter, providing a significant regulatory advantage for enterprise applications.
This partnership exemplifies the convergence of established traditional banking services provided by BNY Mellon and Ripple’s blockchain innovation, working together to deliver scalable digital asset custody.
Executive leadership from both firms, including Ripple’s SVP of Stablecoins and BNY Mellon’s Global Head of Asset Servicing, underscored the importance of advanced custody capabilities for RLUSD’s operational success.