"BNY Mellon Emerges as Stablecoin Leader, Sees Stock Surge Amid Crypto Craze"

BNY Mellon, established 241 years ago, gains prominence in Wall Street’s stablecoin trend. Ripple chooses BNY as primary custodian for its $500M stablecoin RLUSD reserve. BNY also manages Circle’s USDC reserves. Major banks like JPMorgan Chase and Wells Fargo exploring stablecoin offerings. BNY CEO calls crypto their “longest term play.” Stock up 22% in 2023.

Stablecoins, like RLUSD and USDC, pegged to assets like the USD, are crucial in crypto transactions. BNY seen as ideal partner by Ripple for stablecoin initiative. Banks eye crypto activities; Morgan Stanley, Charles Schwab planning crypto offerings. BNY offers custody, transaction, and data products to institutional clients, including BlackRock.

BNY leads in stablecoin profits, offering crypto custody since Oct 2022. CEO sees potential in changing how assets move globally. Stock performance outpaces S&P 500 and other banks. BNY reports earnings alongside JPMorgan Chase, Wells Fargo, and Citigroup. Financial institutions seeking to capitalize on stablecoin adoption.

Read more at Yahoo Finance: One early winner of the stablecoin craze is Alexander Hamilton’s 241-year-old bank