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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