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Ripple has appointed BNY Mellon as the official custodian for its enterprise stablecoin, RLUSD, signaling growing institutional adoption. The partnership leverages BNY Mellon’s expertise in digital asset infrastructure to bolster RLUSD’s reserves and operational framework. RLUSD’s supply has now surpassed $500 million, reflecting its rapid traction in regulated markets.
- BNY Mellon will manage RLUSD’s cash reserves, enhancing its enterprise-grade utility and regulatory compliance.
- RLUSD’s supply surpassed $500M within a year, with 87% ($435M) on Ethereum and 13% ($65M) on XRP Ledger.
- The stablecoin is approved by NYDFS and Dubai’s DFSA, targeting institutional cross-border payments with 1:1 USD backing.
📎 Related coverage from: cryptoslate.com