Ripple has announced it will be working with banking giant BNY Mellon to custody its proprietary stablecoin, RLUSD.
In a new press release, BNY Mellon, a bank with approximately $2 trillion in assets under management, says that Ripple has selected the 241-year-old firm to be the primary custodian of RLUSD.
-->According to BNY Mellon, the bank will also provide Ripple with transaction banking services. The bank says the partnership will boost interoperability between dollar-pegged crypto assets and traditional assets.
As stated by Jack McDonald, senior vice president of stablecoins at Ripple,
“Ripple USD addresses a critical gap in the market as a stablecoin developed for enterprise-grade financial use cases, designed to meet the rigorous standards of leading financial institutions.
BNY brings together demonstrable custody expertise and a strong commitment to financial innovation in this rapidly changing landscape, as well as a forward-thinking approach to digital asset infrastructure, making them the ideal partner for Ripple and RLUSD.”
In a new interview with CNBC Television, Ripple CEO Brad Garlinghouse says the crypto industry is in for a big boost as institutional adoption and regulatory clarity come into view.
“BNY Mellon has, for a very long time, been amongst the most trusted partners out there for as a custody bank. So we’re really pleased. We think it’s indicative of the shift of tide, where we’ve had headwinds for this industry are now becoming tailwinds. And I think we’re going to see a lot of growth.”
XRP, the digital asset associated with Ripple, is trading for $2.38 at time of writing, a 3.9 increase on the day.
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