Bank of New York Mellon Selected as Primary Custodian of Ripple USD Reserves
Dow Jones Newswires
2025-07-09 20:30:00
By Adriano Marchese
Bank of New York Mellon has been selected to be the primary custodian of Ripple USD reserves.
Ripple, a San Francisco-based digital asset-infrastructure company, said Wednesday that it has selected the New York financial-services firm to serve as the primary reserve custodian of RLUSD, a dollar-backed stablecoin that Ripple manages.
Stablecoins are typically pegged to a stable currency and store reserves in order to keep a one-to-one exchange ratio in place. RLUSD is designed for enterprise utility, particularly in improving the speed, cost and efficiency of cross-border payments, unlike traditional stablecoins that are more geared toward retail users, Ripple said.
Write to Adriano Marchese at adriano.marchese@wsj.com
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