Ripple, the top digital asset infrastructure provider for financial entities, has started an exclusive collaboration with BNY. As included in the partnership, Ripple has chosen The Bank of New York Mellon Corporation (BNY) as the custody provider for Ripple USD ($RLUSD) reserves. The platform shared this development in a recent social media post shared on its official X account.
BNY Joins Ripple as Chief Custodian Platform for $RLUSD Reserves
By selecting BNY as the custody provider for $RLUSD reserves, Ripple intends to expand the adoption of digital assets at institutional level. In this respect, both Ripple and BNY are filling the gap existing between the crypto sector and conventional finance. Ripple USD ($RLUSD) operates as enterprise-level stablecoin that prioritizes transparency, utility, and regulatory compliance. It stands among the stablecoins that are released in line with a New York Department of Financial Services (NYDFS) Trust Company Charter.
In addition to this, $RLUSD is different from the stablecoins that mainly focus on retail consumers. Hence, it has been specifically developed to boost enterprise utility, specifically increasing efficiency, cost, and speed of payments across borders. In this respect, BNY will operate as the chief reserve custodian in the case of $RLUSD. Apart from that, Ripple will leverage the leading transfer banking services of BNY to fortify its activities and keep providing consumers with seamless solutions.
Establishing Bridge between Crypto and Traditional Finance
As $RLUSD’s primary custodian, BNY is committed to backing the digital asset growth. For this purpose, it will offer a differentiated platform, devoted to fulfilling the evolving requirements of the institutions within the digital asset world. Additionally, the platform also focuses on offering streamlined, innovative, and secure solutions to fortify financial ecosystems across the globe. Moreover, the decision to trust BNY as the key $RLUSD custodian is a noteworthy move to bridge crypto and traditional finance with the provision of scalable and compliant digital asset infrastructure.
