- Ripple designates BNY Mellon to custody RLUSD reserves, enhancing liquidity management.
- Partnership aims to boost RLUSD stability and institutional trust, now at $500M circulation.
- BNY Mellon’s expertise supports RLUSD compliance with traditional regulatory standards.
Ripple has selected BNY Mellon to safeguard the reserves for its stablecoin RLUSD, with circulation surpassing $500 million. The collaboration strengthens liquidity and compliance for RLUSD holders.
The move indicates significant progress in blockchain finance, addressing liquidity needs for institutional stakeholders.
Ripple and BNY Mellon Unite for $500M Stablecoin Liquidity
Ripple has announced a collaboration with BNY Mellon, assigning the financial entity as the custodian for RLUSD’s U.S. dollar and Treasury bond reserves. This step aims to enhance trust and ensure RLUSD’s stablecoin is backed by reliable assets. Jack McDonald, Ripple’s SVP of Stablecoins, cited a need for enterprise-grade financial use cases, praising BNY’s custody expertise. RLUSD’s market capitalization, now over $500 million, highlights rapid adoption amid a shift towards digital currencies. Emily Portney from BNY Mellon affirmed the bank’s commitment to supporting RLUSD growth through seamless reserve asset handling.
Ripple’s partnership with BNY Mellon is a strategic move to bolster the liquidity and compliance framework for RLUSD, ensuring that it meets the rigorous standards expected by institutional investors.
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. — Jack McDonald, SVP of Stablecoins, Ripple
XRP Soars: BNY Custody Partnership Spurs Investor Confidence
Did you know? Ripple aims to bridge the gap between crypto and traditional finance, leveraging BNY Mellon’s legacy of trust to enhance RLUSD’s adoption, reminiscent of USDC’s custodial partnership.
XRP trades at $2.39 with a market cap of $141.05 billion, according to CoinMarketCap, maintaining 4.15% market dominance. Recent activity shows a 3.81% rise over 24 hours, while XRP experienced a 9.85% seven-day increase. Coincu research suggests that BNY Mellon’s involvement might drive positive regulatory perceptions of RLUSD, fostering greater institutional adoption.
BNY Mellon’s expertise in traditional finance is expected to play a crucial role in the acceptance and growth of RLUSD in the market, as it aligns with the expectations of institutional investors.
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Source: https://coincu.com/347677-ripple-bny-mellon-stablecoin-custody/