Swiss financial institution AMINA Bank has announced the support for Ripple's RLUSD stablecoin, offering trading and custody services.
Support for RLUSD Stablecoin
AMINA Bank has become the first bank globally to offer trading and custody services for Ripple's US dollar-pegged stablecoin RLUSD. The stablecoin was launched recently and is backed by US Treasuries. AMINA clients holding RLUSD can access basic custody and trading features as the financial institution builds plans for expanding its digital asset services.
Analysis of the Stablecoin Market
Ripple's RLUSD entered the $250 billion stablecoin market, which is currently dominated by dollar-pegged digital assets used in trading, cross-border payments, and decentralized finance applications. The current supply of RLUSD is approximately $430 million. Ripple emphasizes that the stablecoin is compliant and transparent enough for enterprise-grade usage.
Ripple's Regulatory Initiatives
In other news, Ripple has reportedly filed for a national banking license with the Office of the Comptroller of the Currency (OCC). This new license would bring Ripple's RLUSD under the jurisdiction of the OCC, providing a unified regulatory framework for its operations across the United States.
AMINA Bank's support for the RLUSD stablecoin and Ripple's initiative to obtain a national banking license underscore the increasing integration of digital assets into the traditional financial system.
