Ripple's RLUSD: BNY Mellon Custody Boosts Stablecoin Trust

Ripple Taps BNY Mellon for RLUSD Reserve Custody

Ripple has significantly bolstered the security and trust surrounding its RLUSD stablecoin by selecting Bank of New York Mellon (BNY Mellon) to custody its reserves. This move underscores Ripple's commitment to transparency and institutional adoption.

• Secure Reserves: BNY Mellon will hold the cash and Treasury bills backing RLUSD, ensuring a 1:1 backing and enhancing stability.
• Increased Confidence: The partnership with a reputable, established financial institution like BNY Mellon significantly increases confidence in RLUSD among institutional investors.
• Institutional Focus: RLUSD is designed for large financial institutions and corporations, facilitating faster, cheaper, and more efficient cross-border payments.

BNY Mellon Partnership: A Game Changer for Institutional Stablecoins

With over half a billion dollars in circulation in just seven months, RLUSD is already making waves. Unlike consumer-focused stablecoins, RLUSD is specifically targeted at streamlining international transactions for businesses. This partnership with BNY Mellon is a crucial step in achieving this goal.

The choice of BNY Mellon highlights Ripple’s focus on security and regulatory compliance. BNY Mellon’s extensive experience in managing assets for large corporations lends substantial credibility to RLUSD. This collaboration bridges the gap between traditional finance and the burgeoning digital asset space.

Benefits for Businesses

• Faster Payments: Reduce delays and costs associated with traditional cross-border payments.
• Enhanced Security: Benefit from the security and reliability of a globally recognized financial institution safeguarding RLUSD reserves.
• Transparency and Compliance: RLUSD adheres to stringent New York State regulations and undergoes third-party audits, ensuring transparency and accountability.

BNY Mellon's Perspective

Emily Portney, head of global asset servicing at BNY Mellon, emphasized the company’s commitment to supporting the evolution of the digital asset sector and providing secure, modern services to businesses operating in this space. BNY Mellon’s involvement extends beyond reserve custody, encompassing transaction banking services to further streamline the process for Ripple.

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