Crypto company Ripple is chartering a national trust bank to strengthen oversight of its stablecoin operations.
Ripple says the Office of the Comptroller of the Currency 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 primary reserve custodian with monthly attestations.
The company says 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 like U.S. government securities.
Says Brad Garlinghouse, CEO of Ripple,
“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.”
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This post Ripple Charters National Trust Bank to Oversee RLUSD Reserves and Custody may be modified as updates unfold.
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