<ul data-eligibleForWebStory="false"><li>Ripple Labs has partnered with Bank of New York Mellon (BNY Mellon) to have the financial institution act as the primary custodian of its new stablecoin $RLUSD, aiming to deepen institutional trust and regulatory alignment.</li><li>BNY Mellon's selection as the custodian for RLUSD signifies a move to enhance institutional adoption and trust for the stablecoin, with both Ripple and BNY Mellon focused on facilitating digital asset adoption at an institutional level.</li><li>The partnership comes in the context of the U.S. Senate approving the Genius Act, leading to increased competition among stablecoin issuers to meet stringent reserve, audit, and compliance requirements outlined in the bill.</li><li>With BNY Mellon managing RLUSD's reserves, which were previously handled in-house by Ripple's trust company, the stablecoin gains access to BNY Mellon's extensive assets under custody, strengthening its institutional footprint and compliance positioning amidst changing U.S. stablecoin regulations.</li></ul>

Ripple Taps BNY Mellon as RLUSD Custodian Amid Stablecoin Legislation Push

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