Ripple Charters National Trust Bank to Oversee RLUSD Reserves and Custody

Crypto company Ripple is chartering a national trust bank to strengthen oversight of its stablecoin operations. Ripple says the Office of the Comptroller of the Currency granted final approval for Ripple National Trust Bank. The new bank will manage segregated reserves for Ripple USD (RLUSD), serve as collateral trustee for holders and provide fiduciary digital asset custody services. RLUSD will continue to be issued by Standard Custody & Trust Company while Bank of New York Mellon acts as primary reserve custodian with monthly attestations.