Zug-based crypto bank AMINA has announced that it will support Ripple stablecoin RLUSD, initially offering custody and trading services.
In a statement sent to Cryptonews, AMINA said it has become the first bank globally to directly support the stablecoin. The bank plans to expand its services in the coming months.
“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,” said Myles Harrison, Chief Product Officer of AMINA Bank.
AMINA, licensed by Switzerland’s FINMA, recently reported a 69% revenue surge, cementing its position as Switzerland’s fastest-growing crypto bank.
Driven by institutional demand, the bank also saw its assets under management (AUM) increase by 136% to $4.2 billion. AMINA also holds licenses from Abu Dhabi’s Financial Services Regulatory Authority (FSRA) and Hong Kong’s Securities and Futures Commission (SFC).
AMINA added that it will enable client base access to the RLUSD ecosystem with necessary regulatory guardrails.
RLUSD Gets Institutional-Grade Stablecoin Recognition
Ripple announced the RLUSD launch in December 2024, fully backed by U.S. dollar deposits, government bonds, and cash equivalents, ensuring price stability at $1.
The RLUSD has become one of the fastest-growing stablecoins. Further, the token has processed volumes of $10 billion since its launch, after being listed on multiple leading exchanges, including Gemini, Kraken, and Bitget.
Since January, the stablecoin has shown a 4x supply on Ethereum, given its majority of circulating supply on the network. Additionally, security features make RLUSD appealing to institutional users.
RLUSD has attained a market cap of $469.29 million and stands 164th-largest crypto project by market cap.
Ripple Bids for Fed License – Does it Increase the Efficiency of Ripple Stablecoin?
In another significant move, Ripple has applied for a national bank charter with the US Office of the Comptroller of the Currency (OCC) on Wednesday.
Additionally, the company also applied for a Master Account with the Federal Reserve, which would grant access to the US central banking system, Ripple CEO Brad Garlinghouse confirmed.
“This access would allow us to hold RLUSD reserves directly with the Fed and provide an additional layer of security to future-proof trust in RLUSD.”
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