BNY Mellon to provide USD reserve custody services for Ripple’s stablecoin RLUSD

Odaily Planet Daily News Ripple announced on Wednesday that it has selected Bank of New York Mellon to custody its stablecoin RLUSD's US dollar cash and US Treasury reserves, and the circulation scale of RLUSD has exceeded US$500 million. As one of the largest custodian banks in the United States, Bank of New York Mellon manages a total of approximately US$52 trillion in assets and will provide secure custody for RLUSD's reserve assets and assist in liquidity management. The move aims to ensure that RLUSD holders can exchange U.S. dollars at a 1:1 ratio, and the exchange mechanism follows the same regulatory standards as traditional money market funds. Bank of New York Mellon has established a dedicated digital asset department since 2021 and will officially open services to institutional-level crypto clients in 2022. (The Block)