AMINA Bank is now offering custody and trading for Ripple’s RLUSD stablecoin.
- AMINA is the first global bank to support Ripple’s RLUSD.
- The services target institutional and professional investors.
- RLUSD is backed by U.S. Treasuries and is regulated in New York.
New Support for Ripple’s RLUSD
AMINA Bank, a crypto-focused bank in Switzerland, announced it now supports Ripple’s RLUSD stablecoin. This includes both trading and custody services. The bank says it is the first international bank to offer these services for RLUSD.
What Is RLUSD?
RLUSD is a stablecoin created by Ripple. It is tied to the value of the U.S. dollar, meaning its price stays steady. RLUSD is backed by U.S. Treasuries and regulated by the New York Department of Financial Services. The current supply of RLUSD is around $430 million.
Who Is This For?
The bank is targeting institutional clients and professional investors. These are businesses and individuals that trade or invest large sums of money and follow financial rules. AMINA wants to give them access to stable, regulated crypto assets.
More Services Coming
AMINA plans to add more services for RLUSD in the future. The bank operates out of Zug, Switzerland, and is licensed by FINMA, the Swiss financial regulator. It also runs offices in Hong Kong and Abu Dhabi, making it a global player in crypto banking.
Why This Matters
Stablecoins are becoming more common in the financial world. These crypto assets are designed to be less risky because they follow the value of currencies like the dollar. With rules and oversight now in place in many countries, banks like AMINA can safely offer new crypto tools like RLUSD.
Source: coindesk.com
