Bank of New York Mellon gets the nod to be the principal custodian of Ripple’s USD reserves was announced by Ripple, the San Francisco-based digital asset infrastructure company. Ripple made this decision public on Wednesday, choosing the renowned New York financial-services firm to become the main reserve custodian of RLUSD, the dollar-backed stablecoin that Ripple operates.
Stablecoins often peg to a stable currency, maintaining reserves to ensure a one-to-one exchange ratio. Unlike traditional stablecoins, which are primarily aimed at retail users, RLUSD has been designed with enterprise utility in mind. It focuses on enhancing the speed, cost, and efficiency of cross-border payments, Ripple explained.
For any further queries, reach out to Adriano Marchese at [email protected]
