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Crypto-Friendly Swiss-Based Bank Becomes the First Global Bank to Support Ripple's Stablecoin! Here are the details.
Crypto-friendly Switzerland-based AMINA Bank announced that it has launched custody and trading services for Ripple's newly introduced US dollar-indexed stable crypto asset RLUSD.
Swiss Bank AMINA Launches Custody and Trading Services for Ripple's RLUSD Stablecoin
The bank stated that it has also obtained the title of being the first global bank to support RLUSD.
According to the statement made by the bank today, this new service initially targets corporate clients and professional investors seeking legal compliance. AMINA plans to further expand its RLUSD-based services in the coming months.
AMINA Bank, licensed by the Zug-based Swiss financial regulator FINMA, also has centers subject to regulation in Hong Kong and Abu Dhabi. The bank aims to bridge traditional banking and crypto infrastructure and provide its customers with access to next-generation, regulatory-compliant financial instruments.
AMINA's move coincides with a period where the role of stablecoins in traditional financial systems is rapidly increasing. More and more countries and regions are creating legal frameworks to regulate stable cryptocurrencies.
Features of RLUSD
RLUSD, released by Ripple, is backed by US Treasury bonds and is audited by the New York Department of Financial Services (NYDFS). The circulating supply of RLUSD has already reached 430 million USD.
Stablecoins represent a class of crypto assets that are typically pegged to fiat currencies like the dollar, reaching a total size of 250 billion USD. The support of AMINA's RLUSD shows that these assets are beginning to be adopted more widely by traditional financial institutions.
In a statement made by the bank, it was stated, "We support innovation while prioritizing security by providing our customers with the opportunity to trade new digital assets in a controlled environment." The integration of RLUSD by AMINA is seen as a development that strengthens Ripple's claim in the stable crypto market.