Ripple, the leading provider of digital asset infrastructure for financial institutions, announced it has selected The Bank of New York Mellon Corporation, a global financial services company, for the primary custody of Ripple USD (RLUSD) reserves. Ripple and BNY are jointly committed to paving the way for digital asset adoption at institutional scale and together are bridging the gap between the traditional finance and crypto ecosystems.

Ripple USD is a trusted, enterprise-grade stablecoin, designed with regulatory compliance, utility, and transparency at its core. It is issued under a New York Department of Financial Services (NYDFS) Trust Company Charter. Unlike stablecoins geared primarily toward retail users, RLUSD has been purpose-built for enterprise utility, particularly in improving the speed, cost and efficiency of cross-border payments.

BNY will serve as the primary reserve custodian of RLUSD, leveraging its deep technology stack and expertise enabling the digital assets ecosystem. In addition, BNY will provide its leading transaction banking services to underpin RLUSD’s operations and deliver integrated solutions. This builds upon BNY’s proven track record of providing end-to-end services across stablecoin infrastructure and furthers BNY’s efforts for future interoperability between stablecoins and traditional assets.

“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,” said Jack McDonald, SVP of Stablecoins at Ripple. “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.”

“As a leading financial platforms company, BNY is committed to delivering differentiated, end-to-end solutions, designed to meet the needs of institutions across the entire digital assets ecosystem,” said Emily Portney, Global Head of Asset Servicing at BNY. “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.”

Source: BNY