#RPL $XRP #RLUSD
Ripple has received final approval to launch a trust bank in the US.
The US Office of the Comptroller of the Currency (OCC) has approved the creation of the Ripple National Trust Bank (RNTB). The company's CEO, Brad Garlinghouse, announced this on October 26.
"We've been saying for years that cryptocurrencies and banks work best together. Ripple's final approval by National Trust Bank shows what this looks like in practice," Garlinghouse wrote.
The new bank will operate under federal supervision and service the Ripple USD (RLUSD) stablecoin infrastructure, as well as institutional clients.
According to the approved business plan, RNTB will have three main areas of activity: managing segregated reserves backing RLUSD;
serving as a collateral trustee for token holders; providing digital asset custody services for institutional clients.
RNTB will not issue RLUSD. Standard Custody & Trust Company, a subsidiary of Ripple and regulated by the New York State Department of Financial Services (NYDFS), will continue to issue the stablecoin. BNY serves as the primary custodian of the reserves.
According to Ripple, the market capitalization of RLUSD, which launched in December 2024, has reached $2.5 billion. The token is used in the company's payment solutions and as collateral on the Ripple Prime platform.
The company claims that the stablecoin is fully backed by dollar deposits, US government securities, and other monetary equivalents. Ripple publishes independent monthly verification of the circulating supply of RLUSD and the reserves that back it.
Ripple has received final approval to launch a trust bank in the US.
The US Office of the Comptroller of the Currency (OCC) has approved the creation of the Ripple National Trust Bank (RNTB). The company's CEO, Brad Garlinghouse, announced this on October 26.
"We've been saying for years that cryptocurrencies and banks work best together. Ripple's final approval by National Trust Bank shows what this looks like in practice," Garlinghouse wrote.
The new bank will operate under federal supervision and service the Ripple USD (RLUSD) stablecoin infrastructure, as well as institutional clients.
According to the approved business plan, RNTB will have three main areas of activity: managing segregated reserves backing RLUSD;
serving as a collateral trustee for token holders; providing digital asset custody services for institutional clients.
RNTB will not issue RLUSD. Standard Custody & Trust Company, a subsidiary of Ripple and regulated by the New York State Department of Financial Services (NYDFS), will continue to issue the stablecoin. BNY serves as the primary custodian of the reserves.
According to Ripple, the market capitalization of RLUSD, which launched in December 2024, has reached $2.5 billion. The token is used in the company's payment solutions and as collateral on the Ripple Prime platform.
The company claims that the stablecoin is fully backed by dollar deposits, US government securities, and other monetary equivalents. Ripple publishes independent monthly verification of the circulating supply of RLUSD and the reserves that back it.
