In a landmark move, AMINA Bank, a prominent institution headquartered in Zug, has announced its new offerings in the realm of digital finance. As of July 3, this Swiss bank, which is regulated by FINMA, has commenced custody and over-the-counter trading services for Ripple USD (RLUSD). This initiative positions AMINA Bank as the world’s first banking institution to embrace this dollar-pegged stablecoin, marking an important integration point for the rapidly evolving digital currency ecosystem within traditional finance.
Support for Ripple’s Innovative Approach
The Ripple USD stablecoin is issued by Standard Custody, a trust company based in New York and entirely owned by Ripple Labs. This digital asset is fully supported by cash and cash equivalents, which are under the supervision of the New York State Department of Financial Services (NYDFS). Notably, RLUSD operates on both the XRP Ledger and Ethereum, enabling seamless transactions across both public and permissioned networks.
Since its inception in December 2024, RLUSD’s market capitalization has surged to over $440 million. Meanwhile, the overall stablecoin market has expanded to approximately $263 billion, highlighting a significant and growing institutional appetite for regulated digital assets.
“With AMINA Bank’s participation, professional investors and corporate clients will gain access to Ripple’s stablecoin landscape, all safeguarded by the rigorous standards expected of a conventional banking institution,” stated Myles Harrison, chief product officer. He underscored Ripple’s dedication to transparency and significant compliance measures. This partnership strengthens AMINA Bank’s role as a dynamic player in bridging traditional finance with blockchain technology, having already been licensed in Switzerland since 2019 and also holding regulatory approvals from Abu Dhabi and Hong Kong.
Ripple’s collaboration with AMINA closely follows the integration of RLUSD into Ripple Payments. This platform facilitates cross-border treasury transactions and is operational in over 70 payout corridors, with early partnerships including firms like BKK Forex and iSend leveraging the token for financial settlements.
This announcement arrives amid the implementation of the European Union’s MiCA regulation, which requires stablecoin issuers to maintain reserve transparency and governance practices effective from June 30, 2024. These new rules necessitate that issuers demonstrate strong governance structures and reserve integrity to sustain their market positions within the European market.
In a related note, Ripple has applied for a national bank charter with the U.S. Office of the Comptroller of the Currency, coupled with an application for a Federal Reserve master account through its subsidiary, Standard Custody & Trust. CEO Brad Garlinghouse expressed that this move would exemplify a dual oversight framework from both state (via NYDFS) and federal entities, setting a novel standard of trust within the stablecoin sector. This would also enable Ripple to keep RLUSD reserves in closer proximity to the Federal Reserve, further enhancing trust in the stablecoin.
As of now, XRP is trading at $2.286, reflecting the dynamic nature of the cryptocurrency market.
