BNY Mellon will have custody of Ripple’s new stablecoin
Jakub Porzycki | Nurphoto | Getty Images
Bank of New York Mellon will be the primary custodian for the Ripple’s U.S. dollar-pegged stablecoin reserves going forward, the two companies said Wednesday.
The partnership should enhance regulatory compliance for Ripple, the issuer of ripple USD (RLUSD), and boost institutional credibility for the company as well as the fast growing stablecoin industry. BNY is the nation’s oldest bank and primarily serves institutions and corporations.
It also adds to the growing number of traditional institutions and companies showing interest in stablecoins – a shift that has quickly become known as “stablecoin summer” – as the Trump administration rolls back restrictive Biden-era crypto policies and…
