Attention XRP Investors! Ripple Forms Reserve Partnership with America’s Oldest Bank! Here Are the Details…
2 min read
As Ripple (XRP) continues to take innovative steps, news of a new partnership has arrived. At this point, the latest partnership came from BNY Mellon, the oldest bank in the USA, and Ripple. In an official statement, Ripple announced today that it has selected The Bank of New York Mellon Corporation, a global financial services company, as the primary custodian of Ripple USD (RLUSD) reserves. Under this partnership, BNY will serve as the primary reserve custodian of RLUSD. Additionally, BNY will provide leading transaction banking services to support RLUSD’s operations and deliver integrated solutions. Ripple launched its dollar-backed stablecoin RLUSD on both the XRP Ledger and Ethereum in late December 2024. RLUSD surpassed half a billion dollars in circulation this week as it gained regulatory support and institutional acceptance. “Ripple USD fills a critical gap in the market as a stablecoin built for institutional-grade financial use cases and designed to meet the rigorous standards of leading financial institutions,” said Jack McDonald, Ripple’s Senior Vice President of Stablecoins. “BNY combines its provable custody expertise and strong commitment to financial innovation with a forward-thinking approach to digital asset infrastructure in this rapidly changing environment, making it an ideal partner for Ripple and RLUSD.” “As the primary custodian, we are excited to support the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash to support conversions, and we are proud to work closely with Ripple to advance the future of the financial system,” said Emily Portney, Head of Global Asset Services at BNY. *This is not investment advice. Continue Reading: Attention XRP Investors! Ripple Forms Reserve Partnership with America’s Oldest Bank! Here Are the Details…
Source: BitcoinSistemi
