Ripple Receives OCC Final Approval to Establish a U.S. National Trust Bank
Ripple Secures Final OCC Approval to Establish US National Trust Bank
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Ripple National Trust Bank (RNTB) has received final approval from the OCC and will support RLUSD under federal rules. As planned, RNTB will manage RLUSD reserves and serve as reserve trustee, while RLUSD will continue to be issued by Standard Custody & Trust Company, which is regulated by the New York State Department of Financial Services; after the bank opens, it may also offer fiduciary custody for digital assets. Ripple said RLUSD’s market capitalization has reached US$2.5 billion.
RNTB’s approval will add a federal layer to RLUSD reserve management and holder trust arrangements. The material also distinguishes this arrangement from the existing New York State regulatory framework and issuer.
Source:Fintech News Switzerland · fintechnews.ch