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Ripple plans Trust Bank to support RLUSD stablecoin services
The crypto community is actively discussing details surrounding Ripple’s application for a national banking license from the U.S. Office of the Comptroller of the Currency (OCC).
The new bank, which Ripple Labs plans to sponsor, will be named Ripple National Trust Bank (RNTB).
According to pseudonymous analyst WrathofKahneman, the establishment of a limited-purpose trust bank will enable Ripple to facilitate faster and more cost-effective payments by bypassing intermediary banks. It would also add regulatory legitimacy after years of legal uncertainty.
Headquartered in New York, RNTB will be a wholly owned subsidiary of Ripple Labs. The bank will not offer retail lending or FDIC-insured deposits. Instead, it will work exclusively with other institutions.
“The bank’s operations will complement Ripple’s activities related to its stablecoin (RLUSD) and other payment systems, including reserve management and associated fiduciary services,” Ripple stated in the application.
RNTB will be led by Jack McDonald, a veteran banker with 25 years of experience and currently Ripple’s SVP for stablecoins.
Partnership with BNY Mellon
Other key executives include former BNY Mellon Vice Chair Tim Keaney, Ripple Treasurer John Zavesky, and Chief Legal Officer Stuart Alderoty.
“It makes perfect sense for Ripple and BNY Mellon to collaborate on RLUSD custody,” wrote WrathofKahneman.
Although the filing does not explicitly mention XRP, analysts suggest the token may be integrated later into the bank’s operations.
Commentator CowboyCrypto even speculates that the trust bank could eventually pursue an IPO.
As we wrote, Bluechip awards RLUSD highest rating among stablecoins
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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