Ripple's U.S. dollar-pegged stablecoin RLUSD has surpassed $500 million in circulation just seven months after launch, placing it among the top 20 dollar-denominated stablecoins in the market. What Happened: The token,

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.

Ripple’s CEO said the tie-up with BNY Mellon represents how regulatory headwinds are no longer a reality for the XRP-linked firm.