Ripple has chosen Bank of New York Mellon as primary custodian for its US dollar-pegged stablecoin reserves.
Issued under a New York Department of Financial Services Trust Company Charter, Ripple USD has been purpose-built for enterprise utility, particularly in improving the speed, cost and efficiency of cross-border payments.
The firm says that by teaming up with Wall Street player BNY as primary reserve custodian, it will pave the way for adoption at institutional scale and help bridge the gap between traditional finance and crypto. Ripple will also tap into BNY’s transaction banking services to underpin its operations.
Jack McDonald, SVP, stablecoins, Ripple, says: “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.”