Summary
- It was announced that the reserves for Ripple's stablecoin RLUSD will be entrusted to BNY Mellon.
- BNY Mellon stated via press release that it has become a primary custodian for RLUSD reserves.
- It is evaluated that this partnership is expected to boost institutional trust in the stablecoin industry.
The reserves for RLUSD, the stablecoin issued by Ripple, the issuer of XRP, are expected to be entrusted to BNY Mellon.
According to CNBC on the 9th (local time), BNY Mellon stated, "We have become one of the primary custodians for RLUSD reserves."
The outlet noted, "BNY Mellon is one of the oldest banks in the United States" and commented, "This partnership is expected to enhance institutional trust in the rapidly growing stablecoin industry."
Emily Portney, Head of Asset Servicing at BNY Mellon, said, "Through our collaboration with Ripple, we aim to increase the efficiency of managing RLUSD reserves and drive innovation in the future of the financial system."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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