Bank of New York Mellon to Provide USD Reserve Custody Services for Ripple's Stablecoin RLUSD

Ripple has announced that it has selected Bank of New York Mellon to custody the U.S. dollar cash and U.S. Treasury reserves for its stablecoin $RLUSD, which has exceeded $500 million in circulation. The move aims to ensure that $RLUSD holders can redeem U.S. dollars at a 1:1 ratio, with the redemption mechanism following the same regulatory standards as traditional money market funds. Bank of New York Mellon established a dedicated digital asset unit in 2021 and officially opened its services to institutional-grade crypto clients in 2022. (The Block) [Odaily Planet Daily]