Ripple’s dollar-pegged stablecoin, RLUSD, gained significant momentum after Switzerland’s AMINA Bank, a fully regulated institution, became the first global bank to offer custody and trading services for the token on July 2.
The announcement drove RLUSD’s 24-hour trading volume up by 20%, reaching $60 million, with its market capitalization surpassing $469 million.
This development coincides with Ripple’s recent application to the U.S. Office of the Comptroller of the Currency for a national banking charter. If approved, the license would allow Ripple to operate nationwide without state-level restrictions and hold RLUSD reserves under federal supervision.
The banking charter would place Ripple in direct competition with firms like Circle and Fidelity, which are also pursuing licenses ahead of the forthcoming GENIUS Act. This legislation will impose stricter regulations on stablecoin issuers, including reserve requirements backed by real assets and enhanced federal oversight.
For Ripple, acquiring the license could facilitate deeper integration into the traditional financial system—addressing demands from established institutions for regulated handling of stablecoin assets.
AMINA Bank’s adoption of RLUSD signals growing acceptance within traditional finance for digital dollars, especially those provided by crypto firms focused on enterprise clients rather than decentralized protocols. Although RLUSD’s market cap remains smaller than competitors like USDC and USDT, its increased volume-to-market-cap ratio of 8.85% in the past day indicates rising transactional use.
If Ripple secures the banking license, it may reshape how regulated institutions interact with tokenized cash, positioning RLUSD as a key player in this emerging landscape.