Ripple Charters National Trust Bank to Oversee RLUSD Reserves and Custody

Ripple has obtained the final authorization from the Office of the Comptroller of the Currency for the establishment of Ripple National Trust Bank. This newly chartered bank will be responsible for managing the segregated reserves backing Ripple USD (RLUSD), functioning as a collateral trustee for those holding the stablecoin, and offering fiduciary services for digital asset custody.

RLUSD will maintain its issuance through Standard Custody & Trust Company, with Bank of New York Mellon serving as the principal reserve custodian, providing attestations on a monthly basis. Furthermore, the company states that this bank will facilitate more extensive institutional offerings related to capital markets, custody, and payments as the adoption of RLUSD expands.

Since its debut in December 2024, RLUSD has attained a market capitalization of $2.5 billion. The organization confirms that the stablecoin is completely supported by cash and equivalents such as U.S. government securities.

Brad Garlinghouse, the Chief Executive Officer of Ripple, commented, “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.”

The announcement, titled "Ripple Charters National Trust Bank to Oversee RLUSD Reserves and Custody," was initially published on The Daily Hodl.