Ripple has teamed up with financial giant BNY Mellon to provide institutional-grade custody for its rapidly growing USD-pegged stablecoin, RLUSD.

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.