Ripple’s Rlusd Stablecoin lands first bank integration via Amina

Swiss financial institution Amina has become the world’s first bank to support Ripple USD (RLUSD).

The initiative is because Stablecoins has experienced rapid growth while lawmakers work hard to oversee asset classes.

Provided by the company

In a July 3 press release, the crypto-friendly bank revealed that it has officially become “the world’s first bank to directly support Ripple Usd.”

Amina announced that it initially provided custody and transaction services only for RLUSD. The bank’s products will target institutional clients and professional investors in search of compliant Stablecoin options. It also disclosed plans to expand services in the coming months.

“At Amina Bank, we are committed to integrating cutting-edge products so that our customers can best navigate and adopt digital assets in their daily activities,” said Myles Harrison, chief product officer of the company.

Harrison, referring to “one of the most anticipated digital assets in the market”, highlighted Ripple’s focus on transparency and compliance. These qualities make the company a powerful partner in Amina’s continuous efforts to expand its institutional digital asset services.

Ripple’s Stablecoin received equal reserves of quarantine cash and cash, including U.S. Treasury bonds, and operated under the supervision of the New York Department of Financial Services (NYDFS). The token currently has a supply of $430 million.

The company also recently revealed that it has applied for a Bank of America license to enhance trust in its US dollar crypto assets. If approved, the license will put the company under federal supervision measures and add another layer of regulatory security.

This development is due to the growing demand for stablecoins from institutions operating within the oversight framework. U.S. lawmakers are advancing the Genius Act, which will create national guidelines for national regulations.

Amina Bank’s Cryptocurrency

Earlier this year, Swiss Bank took steps to support STABLECOIN adoption by removing custody fees from its USD Coin (USDC) reward account customers. The program is suitable for hot and cold wallets and provides a quarterly rate of 0.2% for customers who maintain an average balance of 10,000 USDC.

Financial institutions have also announced plans to support Circle’s Eurc (Eurc), a European-backed Stablecoin for Circle. Following the same reward structure, customers using EURC can earn interest on both wallet types.