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.

The move follows Ripple's application for a national banking license and a Federal Reserve master account to further integrate with the U.S. financial system.

Ripple has selected Bank of New York Mellon as the primary custodian for the reserves supporting its U.S. dollar-pegged stablecoin, RLUSD. Both companies announced on July 9 the ongoing integration of traditional finance with digital assets to bring regulatory compliance and institutional legitimacy to them.