Swiss financial institution AMINA has become the first bank in the world to support Ripple USD (RLUSD).
This initiative comes as stablecoins experience rapid growth and lawmakers move forward with efforts to oversee the asset class.
The Company’s Offering
In a press release dated July 3, the crypto-friendly bank revealed that it had officially become “the first bank globally to directly support Ripple USD.”
AMINA announced that it will initially only provide custody and trading services for RLUSD. The bank’s offering will target institutional clients and professional investors seeking compliant stablecoin options. It also disclosed plans to expand its services in the coming months.
“At AMINA Bank, we are committed to integrating cutting-edge products so that our clients may best navigate and adopt digital assets in their day-to-day activities,” said Myles Harrison, the company’s Chief Product Officer.
Referring to RLUSD as “one of the most anticipated digital assets in the market,” Harrison highlighted Ripple’s focus on transparency and compliance. He said these qualities make the company a strong partner in AMINA’s ongoing efforts to expand institutional-grade digital asset services.
Ripple’s stablecoin is backed by a segregated reserve of cash and cash equivalents, including U.S. Treasuries, and operates under the oversight of the New York Department of Financial Services (NYDFS). The token currently has a circulating supply of $430 million.
The firm also recently revealed that it has applied for a U.S. banking license to enhance trust in its dollar-pegged crypto asset. If approved, the permit would place the company under federal oversight, adding another layer of regulatory security.
This development comes amid growing demand from institutions for stablecoins that operate within a supervised framework. Lawmakers in the United States are advancing the GENIUS Act, which would establish national guidelines for stablecoin regulation.
AMINA Bank’s Crypto Efforts
Earlier this year, the Swiss bank took steps to support stablecoin adoption by removing custody fees for its USD Coin (USDC) Rewards Account clients. The program applies to hot and cold wallets and offers a 0.2% quarterly interest rate to clients who maintain an average balance of 10,000 USDC or more.
The financial institutions also later announced plans to roll out support for EURC, Circle’s euro-backed stablecoin. Customers using EURC can earn interest across both wallet types, following the same reward structure.
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