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.

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.

The partnership should enhance regulatory compliance for Ripple, the issuer of ripple USD (RLUSD), and boost institutional credibility for the company as well as the fast-growing stablecoin industry.