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.

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.