Bank of New York Mellon to Provide USD Reserve Custody Services for Ripple's Stablecoin RLUSD
On July 9 (UTC+8), Ripple announced that it has selected Bank of New York Mellon to custody the U.S. dollar cash and U.S. Treasury reserves of its stablecoin $RLUSD, with the circulating supply of $RLUSD exceeding $500 million. The move is aimed at ensuring 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 division in 2021 and officially opened its services to institutional-grade crypto clients in 2022. (Source: Odaily) [MetaEra]
Bank of New York Mellon to Provide USD Reserve Custody Services for Ripple's Stablecoin RLUSD
On July 9 (UTC+8), Ripple announced that it has selected Bank of New York Mellon to custody the U.S. dollar cash and U.S. Treasury reserves of its stablecoin RLUSD, with the circulating supply of RLUSD exceeding $500 million. The move is aimed at ensuring 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 division in 2021 and officially opened its services to institutional-grade crypto clients in 2022. (Source: Odaily) [MetaEra]
