Ripple selects BNY Mellon as custodian for "RLUSD" reserves | CoinDesk JAPAN

• Ripple announced the appointment of Bank of New York Mellon as the primary custodian for the USD-pegged stablecoin "Ripple USD (RLUSD)."
• RLUSD is backed by short-term U.S. Treasury bills, money market funds, and cash, and is regulated by the New York State Department of Financial Services. The market capitalization of this token has surpassed $500 million (approximately 73 billion yen, based on an exchange rate of 146 yen per dollar) and has increased by 30% in one month.
• Stablecoins are experiencing a moment of significant advancement across the financial industry as legislation to regulate this asset class progresses in the United States.

The digital asset company specializing in payments, Ripple, announced on the 9th that it has appointed the major bank Bank of New York Mellon (BNY Mellon) as the primary custodian for its USD-backed stablecoin "Ripple USD (RLUSD)".

According to a press release shared with CoinDesk, BNY, one of the oldest and largest custody banks in the world managing $53 trillion (approximately ¥7740 trillion) in assets, will support the operation of tokens through transaction banking services that include protecting the reserves of stablecoins and conversions involved in minting and redemption.

Launched in December, RLUSD, which is regulated by the New York State Department of Financial Services (NYDFS), is backed by short-term U.S. Treasury bills, money market funds, and cash.

"BNY is bringing together clear custody expertise, a strong commitment to financial innovation, and a forward-looking approach to digital asset infrastructure in this rapidly changing environment," said Jack McDonald, Senior Vice President of Ripple's Stablecoin division, in a statement.

The United States is advancing regulations in the stablecoin sector, and this move comes at a moment when stablecoins are experiencing significant progress across the financial industry.

Ripple recently applied for a national bank charter with the Office of the Comptroller of the Currency (OCC). The company also applied for a master account with the Federal Reserve Board (FRB), which will allow it to hold RLUSD reserves directly at the central bank, further integrating it into the U.S. financial system.

The demand for RLUSD is also rising. According to CoinGecko data, the market capitalization of this token has exceeded 500 million USD, marking an increase of over 30% in the past month.