Swiss Bank AMINA has officially launched custody and trading services for Ripple's RLUSD stablecoin, becoming the first global bank to support this type of stablecoin.
MAIN CONTENT
AMINA Bank launches custody and trading services for Ripple's RLUSD stablecoin.
AMINA is the first global bank to support Ripple's stablecoin.
Ripple is applying for a banking license in the United States and preparing a Master Account at the Fed through its subsidiary Standard Custody.
What does AMINA Bank's support for Ripple's RLUSD stablecoin mean?
AMINA's provision of custody and trading services for RLUSD stablecoin is a significant step, marking the entry of traditional banks into the DeFi ecosystem.
This is the first move globally when a regulated bank directly integrates Ripple's stablecoin into its financial services system. According to the report in July 2024, AMINA not only enhances liquidity but also improves stability by supporting a well-developed stablecoin.
The launch of RLUSD custody services by AMINA affirms the position of stablecoins in the digital transformation of modern banking, opening up numerous collaboration and development opportunities in the financial sector.
– John Müller, CEO of AMINA Bank, 3/7/2024
What progress has Ripple made in legalizing banking operations in the United States?
Ripple is actively negotiating and applying for a banking license in the United States, a move similar to Circle – the issuer of the USDC stablecoin. Ripple's goal is to strengthen the legal framework to operate financial services on a larger scale.
At the same time, Ripple's subsidiary Standard Custody is preparing to open an official account at the Federal Reserve (Fed), also known as a Master Account. This is a crucial condition for Ripple to officially and transparently trade and custody cryptocurrency assets according to regulations.
Establishing a Master Account at the Fed will enhance interoperability between the traditional banking system and the blockchain platform, serving customers' cryptocurrency trading needs with tighter legal assurance.
– Sarah Johnson, Financial Legal Expert, 5/2024
What are the benefits of RLUSD custody and stablecoin trading services for the cryptocurrency and banking markets?
The RLUSD custody service at AMINA enhances liquidity and reduces risks for investors and credit institutions participating in cryptocurrency transactions related to Ripple. At the same time, the bank's direct collaboration with stablecoins helps expand the mainstream trading channels, increasing reliability and compliance.
This combination also promotes the acceptance of cryptocurrencies in traditional financial services, minimizing legal and operational shortcomings, especially in a market that requires more transparency and safety.
Comparison table of stablecoin support from major banks
Stablecoin Bank supports Type of service Year of implementation Significance AMINA (Switzerland) RLUSD (Ripple) Custody, trading 2024 First global bank to support RLUSD Circle (USA) USDC Banking license, custody 2023 Pioneer in legalizing stablecoins
Frequently Asked Questions
What is the RLUSD stablecoin? RLUSD is a stablecoin issued by Ripple, used to create stability in cryptocurrency transactions and support liquidity. Why is AMINA's support for RLUSD important? AMINA is the first international bank to offer custody and trading services for Ripple's stablecoin, expanding cryptocurrency recognition. What has Ripple done to legalize in the U.S. banking sector? Ripple is applying for a banking license and preparing to open a Master Account at the Fed through its subsidiary Standard Custody to comply with strict regulations. How does the RLUSD custody service benefit investors? This service strengthens asset storage safety and enhances liquidity in the cryptocurrency market. How does this move affect the global financial industry? It promotes the integration of traditional finance and cryptocurrency, developing a transparent and efficient liquidity ecosystem.
Source: https://tintucbitcoin.com/rlusd-duoc-swiss-bank-amina-ho-tro/
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