Ripple gets approval to launch trust bank in the US

The U.S. Office of the Comptroller of the Currency (OCC) has approved the establishment of Ripple National Trust Bank. This will allow the company to manage reserves for the RLUSD stablecoin and provide institutional clients with cryptocurrency custody services.

Dual Oversight

The issuance of RLUSD will remain under the control of a Ripple subsidiary regulated by New York financial authorities. Additionally, federal oversight by the OCC will be introduced to protect token holders' interests.

"The new structure will not accept retail deposits or issue loans to individuals."