Ripple Picks Trusted US Bank for RLUSD Custody

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RLUSD’s market cap jumped past $500 million recently.

The Bank of New York Mellon Corporation (BNY Mellon) continues to serve as a global partner for different cryptocurrency-related initiatives, and the latest involves Ripple and its recently launched stablecoin.

According to a press release by the company, the oldest bank in the US will serve as a custodian for RLUSD.

The statement reads that both parties are “jointly committed to paving the way for digital asset adoption at institutional scale, and together, are bridging the gap between traditional finance and crypto.”

RLUSD saw the light of day at the end of last year when the New York Department of Financial Services (NYDFS) gave the green light. It’s now one of the few global stablecoins issued under the agency’s Trust Company Charter.

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