Blockchain company Ripple chose BNY for the primary custody of its stablecoin reserves. Via the partnership, BNY will act as the primary reserve custodian for Ripple’s RLUSD stablecoin, using its “deep technology stack and expertise enabling the digital assets ecosystem. Unlike stablecoins geared primarily toward retail users, RLUSD has been purpose-built for enterprise utility, particularly in improving the speed, cost and efficiency of cross-border payments. In addition, BNY will provide its leading transaction banking services to underpin RLUSD’s operations and deliver integrated solutions. “Ripple USD addresses a critical gap in the market as a stablecoin developed for enterprise-grade financial use cases, designed to meet the rigorous standards of leading financial institutions,” said Jack McDonald, SVP of Stablecoins at Ripple. “BNY brings together demonstrable custody expertise and a strong commitment to financial innovation in this rapidly changing landscape, as well as a forward-thinking approach to digital asset infrastructure, making them the ideal partner for Ripple and RLUSD.”