Ripple Selects BNY Mellon as Custodian for Its RLUSD Stablecoin

• It’s reported that over $500 million RLUSD is in circulation
• BNY brings top-tier safeguards, including holding both cash and Treasuries, managing incoming and outgoing transfers, and ensuring compliance and efficiency
• Ripple is also applying to the US Office of the Comptroller of the Currency (OCC) for a national trust bank charter

Ripple selected Bank of New York Mellon (BNY) to serve as the primary custodian for reserves backing its stablecoin, Ripple USD (RLUSD). It’s reported that over $500 million worth of RLUSD is currently in circulation.

This is rather big news for Ripple since BNY brings top-tier safeguards, including holding both cash and Treasuries, managing incoming and outgoing transfers, and ensuring compliance and efficiency. The partnership should result in greater credibility and deeper institutional trust for Ripple.

Ripple’s push to become a regulated financial institution

Ripple is also applying to the US Office of the Comptroller of the Currency (OCC) for a national trust bank charter, stepping further into regulated finance. The company is also seeking a Federal Reserve master account, which would allow direct settlement capabili…

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