Ripple, the payments company, is joining forces with banking giant BNY Mellon. This partnership will see BNY Mellon become the primary custodian for Ripple’s new stablecoin, RLUSD.
BNY Mellon to Custody Ripple’s Stablecoin
BNY Mellon, managing around $2 trillion in assets, will not only safeguard RLUSD but also provide Ripple with transaction banking services. This collaboration aims to bridge the gap between traditional finance and dollar-pegged cryptocurrencies. Ripple’s Jack McDonald sees BNY Mellon as the perfect partner, highlighting their expertise and innovative approach to digital assets. He believes RLUSD fills a crucial market need for a stablecoin built for large-scale financial applications.
Ripple CEO Sees a Bright Future for Crypto
In a recent CNBC interview, Ripple CEO Brad Garlinghouse expressed optimism about the crypto industry’s future. He believes increased institutional adoption and clearer regulations are paving the way for significant growth. He pointed to BNY Mellon’s involvement as a sign of this positive shift, emphasizing the bank’s long-standing reputation as a trusted custodian.
XRP Price Jumps
Following the news, the price of XRP, Ripple’s associated cryptocurrency, saw a 3.9% increase, trading at $2.38 at the time of writing.