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

On July 9 (UTC+8), Ripple announced that it has selected Bank of New York Mellon to custody the U.S. dollar cash and U.S. Treasury reserves of its stablecoin $RLUSD, with the circulating supply of $RLUSD exceeding $500 million. The move is aimed at ensuring 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 division in 2021 and officially opened its services to institutional-grade crypto clients in 2022. (Source: Odaily) [MetaEra]