Ripple is strengthening its presence in the industry.
Ripple has received a final approval from the Office of the Comptroller of the Currency (OCC) to become a licensed national trust bank. This is to manage its RLUSD stablecoin and reserves.
Additionally, the Ripple team announced a number of partnerships ahead and during its Ripple Swell ecosystem event, including a partnership with Robinhood and BNY Mellon.
Recently, Ripple and Cross River Bank partnered on RLUSD.
Ripple Stablecoin Banking
Ripple will now have its own bank called Ripple National Trust Bank.
This marks 10 months after the OCC granted Ripple preliminary approval back at the start of the year alongside other stablecoin issuer applicants, such as Paxos and Circle.
Before this, the team issued its RLUSD stablecoin out of an entity regulated by New York Department of Financial Services (NYDFS). Its national trust bank will give it a federal oversight.
This means that Ripple will be able to continue managing its RLUSD stablecoin reserves under the Genius Act, as well as offer related digital asset custody services.
Recently, the OCC approved 3 other entities including Bastion, Agora, and Catena Labs, as well as published its final Genius Act rulemaking ahead of the January start.
RLUSD Adoption
Ripple revealed other announcements as part of Ripple Swell.
BNY Mellon is already working with Ripple to custody reserves for its RLUSD stablecoin.
It is expected that the relationship between the two will now strengthen more over time, including integrating Ripple’s XRP token, and investment solutions on the XRP Ledger.
Last month, Ripple published its August stablecoin attestation showing RLUSD nearly reached $2.5B in supply.
The second partnership with Robinhood is interesting because it targets RLUSD liquidity across major points of distribution, this one going beyond core crypto exchange users to other investors.
From today onwards, RLUSD is live on the Robinhood platform on XRPL. Also, Ripple Prime may be used by the Robinhood team across its internal treasury integrations.
Over the summer, Robinhood launched its chain.
