BNY Mellon will be the primary custodian for the Ripple’s U.S. dollar-pegged stablecoin reserves going forward, the two companies jointly announced Wednesday.

Ripple picks BNY Mellon to custody reserves for its RLUSD stablecoin, now over $500M in circulation, as it seeks a U.S. trust bank license.

Ripple has selected The Bank of New York Mellon (BNY Mellon) as the primary custodian for the reserves backing its Ripple USD (RLUSD) stablecoin. BNY Mellon is the oldest bank in the United States, with $50 trillion in assets under custody According to a company press release published at the start of July,