Ripple Receives Final OCC Approval to Establish National Trust Bank, Bringing RLUSD Reserves Under Federal Oversight
Ripple Wins Final OCC Approval for National Trust Bank, Bringing RLUSD Under Federal Oversight
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On October 26, the OCC granted final approval for Ripple National Trust Bank, which will manage RLUSD reserves and serve as trustee for reserve collateral. It may also custody digital assets for large institutional clients. RLUSD issuance will remain with Standard Custody & Trust Company, regulated by the New York State Department of Financial Services; the trust bank cannot accept deposits or make loans. Ripple’s application for a Federal Reserve master account is still pending.
The approval brings RLUSD reserve custody under OCC federal oversight, while issuance remains regulated by New York State, illustrating an arrangement in which stablecoin issuance and reserve oversight fall under different regulators.
Source:Cryptopolitan · cryptopolitan.com