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Just In: Ripple Announces Major Custody Move for RLUSD
Ripple has made a significant announcement in the world of cryptocurrency, revealing that it has partnered with Bank of New York Mellon Corporation (BNY) to be the primary custodian of its Ripple USD (RLUSD) reserves. This move is crucial as it will enable Ripple to provide seamless and secure transactions to its clients.
According to the release, BNY will now serve as the main reserve custodian for RLUSD, allowing Ripple to focus on providing innovative solutions for its clients. Moreover, Ripple will be utilizing BNY’s transaction banking services to support its operations. This partnership aligns with Ripple’s goal of fostering institutional digital asset adoption and bridging the gap between traditional finance and cryptocurrency.
Ripple’s RLUSD stablecoin was launched in December 2024 and is designed primarily for enterprise-grade transactions, particularly cross-border payments. Since its inception, 46 million RLUSD have been minted, with a staggering 16 million in the last 24 hours alone, indicating an unprecedented surge in demand.
As Ripple aims to revolutionize global payment systems, this partnership will undoubtedly play a crucial role in achieving that goal.
Source: u.today
