Ripple Labs, the powerhouse behind XRP, is achieving a new milestone after a Swiss-regulated crypto bank, AMINA Bank, became the first global bank to support trading Ripple USD (RLUSD) stablecoin. RLUSD is the stablecoin of Ripple. This benchmark move by the bank comes amid growing demand for stablecoins, further strengthening RLUSD’s role in the digital asset industry.
AMINA Bank creates history
The Swiss-regulated crypto bank is the first of its kind to directly support RLUSD, offering efficiency, stability, and regulatory compliance for institutions and individuals. According to a press release, AMINA Bank will enable custody and trading services for clients in regions where RLUSD is accepted. The banking firm is already active on its mission to “expand institutional-grade digital asset service”. Starting today, the bank enables its clients to hold and trade RLUSD through the bank itself.
Expressing his enthusiasm about the partnership, Myles Harrison, Chief Product Officer of AMINA Bank, said that Ripple’s commitment to ‘transparency and compliance’ made them ideal collaborators.
Why did AMINA BANK choose Ripple?
Ripple reportedly wears a regulated stablecoin badge, as several banking companies, including financial service company OpenPayd, collaborated with the crypto firm. OpenPayd partnered with Ripple today to provide scalable and compliant payment solutions to enterprise clients.
Ripple is also seeking a US national banking license from the Office of the Comptroller of the Currency (OCC) to gain federal and state oversight in the crypto industry.
Taking these achievements into account, Ripple is striving to make its ecosystem more transparent and regulated for the crypto community, making banks and institutions accept RLUSD. Recently, RLUSD received regulatory approval from the Dubai Financial Services Authority (DFSA) to be used for payments, treasury, and custody management.
Is there a surge in demand for regulated stablecoins?
The answer is a big yes! Institutional adoption is increasing, regulatory frameworks for digital assets, including stablecoins, are in hype, stablecoins are now used to back US Treasuries, and real-world use cases are expanding. These and other multiple factors are paving the way for regulated stablecoin adoption.
