Swiss-regulated AMINA Bank becomes the first global bank to offer support for RLUSD. The bank is prepared to offer clients custody and trading services for the USD-pegged Ripple stablecoin.
According to a recently published press release, upon launching the Ripple (XRP) stablecoin service, the Swiss-regulated AMINA bank will make custody and trading services available for clients in regions where the stablecoin is accepted. Starting from July 3, the bank’s clients will be able to hold and trade RLUSD (RLUSD) directly through the institution.
Shortly after the notice was published, Ripple USD experienced a slight boost in its market cap, rising by more than 3% in the past 24 hours. Moreover, the trading volume for the USD-pegged stablecoin also experienced a surge following the announcement.
On July 3, the daily trading volume for Ripple USD soared by 28.2% compared to the previous trading day, reaching as high as $45.6 million in the past 24 hours. This increase indicates a rise in recent market activity.
Additionally, Ripple’s native token XRP also enjoyed gains following AMINA Bank’s announcement. At press time, XRP has gone up by 3.86% in the past 24 hours, reaching a value of $2.27. XRP’s market cap has also gone up by 3.87% to $134.3 billion.
Based on the notice, the bank’s RLUSD service will initially be available for institutional clients, corporations and professional investors. The pro-crypto banking firm said that it has plans to further expand the service in the next few months.
Chief Product Officer of AMINA Bank, Myles Harrison said that this marks the first time a global bank is publicly offering its clients services that allow them to hold and trade the Ripple USD stablecoin directly through their bank accounts.
“Ripple’s commitment to transparency and compliance make them ideal collaborators as we continue our mission to expand institutional-grade digital asset services,” said Harrison in his statement.
The latest move further cements the Swiss Financial Market Supervisory Authority-regulated bank as a crypto-friendly establishment, especially after having similar moves to support digital asset adoption in the past.
Earlier this year, AMINA Bank removed custody fees for USD Coin (USDC) Stablecoin Rewards Account clients. The bank declared it intended to attract more stablecoin users through an offer that would apply for both hot and cold wallet storage. Not only that, AMINA Bank also declared its plans to add support for EURC soon after.
