A Swiss crypto focused bank, starts trading with Ripple’s RLUSD

Swiss financial institution AMINA Bank has begun offering trading and custody services for Ripple’s US dollar-pegged stablecoin RLUSD, as announced on Thursday through a press release. AMINA is the first globally operating bank to support RLUSD.

The stablecoin, launched recently by Ripple, is backed by US Treasuries and regulated by the New York Department of Financial Services. At launch, AMINA clients holding RLUSD can access basic custody and trading features, as the financial institution lays the groundwork for expanding its digital asset services in the coming months.

More institutional backing for Ripple’s stablecoin RLUSD

Ripple’s RLUSD entered the $250 billion stablecoin market back in late 2024, 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 at approximately $430 million. According to the XRP-parent company, the stablecoin is compliant and transparent enough for enterprise-grade usage, under a clear regulatory oversight.

In his press statement, Myles Harrison, AMINA’s Chief Product Officer, talked about how it was important for the bank to collaborate with institutions committed to regulatory integrity.

“At AMINA Bank, we are committed to integrating cutting-edge products so that our clients may best navigate and adopt digital assets in their day-to-day activities. We are proud to be the first bank to support RLUSD and to provide our clients with access to one of the most anticipated digital assets in the market,” Harrison said. 

Ripple applies for US national banking charter

In other news, late Wednesday, Ripple reportedly filed for a national banking license with the Office of the Comptroller of the Currency (OCC). The license would effectively bring Ripple’s RLUSD under the jurisdiction of the OCC, providing a unified regulatory framework for its operations across the US, according to a report by The Wall Street Journal.

Two days earlier, Ripple’s subsidiary, Standard Custody & Trust Company, filed an application for a Federal Reserve master account. Such an account would allow Ripple to directly custody reserves for RLUSD with the Federal Reserve and enable issuance and redemption of the stablecoin beyond standard banking hours.

“True to our long-standing compliance roots, Ripple is applying for a national bank charter from the OCC. If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market,” wrote CEO Brad Garlinghouse in a July 2 X post.

On the same day Ripple’s subsidiary filed for the Fed master account, Circle Internet Group, the issuer of the USDC stablecoin, announced that it had also submitted an application to the OCC.