Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Crypto company Ripple is chartering a national trust bank to strengthen oversight of its stablecoin operations.
Ripple announced that the Office of the Comptroller of the Currency has granted final approval for Ripple National Trust Bank.
The new bank will manage segregated reserves for Ripple USD (RLUSD), serve as collateral trustee for holders, and provide fiduciary digital asset custody services.
RLUSD will continue to be issued by Standard Custody & Trust Company, while Bank of New York Mellon acts as the primary reserve custodian with monthly attestations.
Related Posts
The company stated that the bank will support broader institutional services in payments, custody, and capital markets as RLUSD grows.
RLUSD has reached a $2.5 billion market cap since its launch in December 2024. The firm says the stablecoin is fully backed by cash and cash equivalents, such as U.S. government securities.
Brad Garlinghouse, CEO of Ripple, said:
“For years, we’ve said crypto and banks work better together. Final approval for Ripple National Trust Bank is what that looks like in practice. We’ve spent over a decade building regulated financial infrastructure that institutions can actually use at scale. A national trust charter gives us an even stronger foundation for RLUSD and the institutional products we’re building across payments, custody and capital markets.”
