The Bank of New York Mellon (BNY) announced that Ripple has selected it to be primary custodian of its RLUSD stablecoin, which surpassed a market capitalization of $500 million for the first time today, according to CoinGecko. BNY is the world’s largest custodian with $53.1 trillion in assets under custody and administration.
“As primary custodian, we are thrilled to support the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash to support conversions and are proud to be working closely with Ripple to continue propelling the future of the financial system,” said Emily Portney, Global Head of Asset Servicing at BNY in a statement.
Despite the ability of Ripple to custody its own assets via Standard Custody and Trust, its New York regulated trust subsidiary, the partnership provides several benefits.
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