<ul data-eligibleForWebStory="false"><li>Bank of New York Mellon will be the primary custodian for Ripple's U.S. dollar-pegged stablecoin reserves, strengthening regulatory compliance and institutional credibility for Ripple.</li><li>Traditional institutions are increasingly showing interest in stablecoins, with BNY Mellon joining the trend, reflecting a broader shift in the industry known as 'stablecoin summer'.</li><li>Stablecoins are cryptocurrency assets pegged to traditional currencies like the dollar, providing stability to blockchain networks and enabling efficient money transfers.</li><li>Ripple has been expanding its presence in the industry by applying for a U.S. national banking charter and a Federal Reserve master account, while BNY Mellon entered the crypto space in 2021 by launching a digital assets unit.</li></ul>

BNY Mellon will have custody of Ripple's new stablecoin as institutional interest in crypto swells

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