Ripple has announced that it has selected Bank of New York Mellon to custody the U.S. dollar cash and U.S. Treasury reserves for its stablecoin RLUSD, which has exceeded $500 million in circulation. The move aims to ensure that RLUSD holders can redeem U.S. dollars at a 1:1 ratio, with the redemption mechanism following the same regulatory standards as traditional money market funds. Bank of New York Mellon established a dedicated digital asset unit in 2021 and officially opened its services to institutional-grade crypto clients in 2022. (The Block) [Odaily Planet Daily]