AMINA Bank Pioneers Support for Ripple’s RLUSD Stablecoin
AMINA Bank, headquartered in Zug, Switzerland, has announced a groundbreaking initiative as the first financial institution to offer custody and over-the-counter trading for Ripple USD (RLUSD). This Swiss crypto-focused bank, regulated by FINMA, declared on July 3rd that it is now supporting this dollar-linked stablecoin, marking RLUSD’s initial integration into the conventional banking framework. This move underscores the bank’s commitment to bridging the gap between traditional finance and the burgeoning world of digital assets.
Ripple’s RLUSD Gains Institutional Support
RLUSD is a stablecoin issued by Standard Custody, a trust company chartered in New York and wholly owned by Ripple Labs. The token is secured by a robust backing of cash and cash equivalents under the supervision of the New York Department of Financial Services (NYDFS). Built on both the XRP Ledger and Ethereum platforms, RLUSD facilitates seamless transactions across both public and private networks.
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Market Dynamics and Institutional Demand
Since its introduction in December 2024, RLUSD’s market valuation has surged beyond $440 million, reflecting a significant appetite for regulated digital currencies among institutional players. The broader stablecoin market has also expanded to approximately $263 billion, setting new records and highlighting the growing institutional demand for digital cash solutions that adhere to regulatory standards.
AMINA Bank’s Strategic Role
By integrating RLUSD, AMINA Bank is enabling its clientele, which includes professional investors, institutions, and corporations, to tap into Ripple’s stablecoin ecosystem. Myles Harrison, the Chief Product Officer of AMINA Bank, emphasized the importance of providing security and governance akin to that of a traditional banking partner while praising Ripple’s dedication to transparency and regulatory compliance.
This partnership further solidifies the connections established when AMINA Bank, licensed in Switzerland since 2019 and now also regulated in Abu Dhabi and Hong Kong, shifted its focus to act as a multi-jurisdictional bridge between conventional finance and on-chain liquidity.
Ripple’s Strategic Moves
Ripple continues to expand its reach with the endorsement from AMINA Bank, following the integration of RLUSD into Ripple Payments, its cross-border treasury platform. This platform is operational in over 70 payment corridors, with early adopters like BKK Forex and iSend utilizing the token for settlements.
Regulatory Environment and Compliance
The announcement comes as the European Union’s Markets in Crypto-Assets (MiCA) regulations, which impose transaction-volume limits on non-e-money stablecoins, took effect on June 30, 2024. These regulations require issuers to demonstrate reserve integrity and governance discipline to maintain market access.
Moreover, Ripple has confirmed its application for a national bank charter with the U.S. Office of the Comptroller of the Currency. Through its subsidiary, Standard Custody & Trust, Ripple is also seeking a Federal Reserve master account. This step, according to Ripple’s CEO Brad Garlinghouse, will provide both state and federal oversight, establishing a new benchmark for trust in the stablecoin sector and allowing the firm to hold RLUSD reserves directly with the Federal Reserve, thereby enhancing trust in the token’s future.
As of the latest updates, XRP stands at a trading price of $2.286.
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