Bank of New York Mellon will provide USD reserve custody services for the stablecoin RLUSD issued by Ripple

BlockBeats news, on July 9, according to The Block, Ripple announced on Wednesday that Bank of New York Mellon had been selected to trust its stable currency RLUSD's US dollar cash and US treasury bond reserves, and the circulation scale of RLUSD exceeded 500 million US dollars. As one of the largest custodian banks in the United States, Bank of New York Mellon manages assets totaling approximately $52 trillion and will provide safe custody for RLUSD's reserve assets and assist in liquidity management. This measure aims to ensure that RLUSD holders can exchange US dollars at a 1:1 ratio, and the exchange mechanism follows the same regulatory standards as traditional money market funds. Bank of New York Mellon established a dedicated digital asset department in 2021 and officially opened its services to institutional level cryptocurrency clients starting in 2022.