Ripple's dollar-pegged stablecoin, RLUSD, just got a big credibility boost, as on July 2, Switzerland's AMINA Bank, a fully regulated institution, became the first bank in the world to support RLUSD, offering custody and trading services to institutional clients. The news sent RLUSD's 24-hour trading volume soaring by 20%, touching $60 million, while its market cap climbed over $469 million.
The timing is perfect for Ripple as it expands into traditional finance. Just hours before AMINA's integration was announced, the crypto company officially submitted an application to the U.S. Office of the Comptroller of the Currency for a national banking charter.
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If approved, the license would let Ripple operate across the U.S. without state-level red tape and legally hold reserves for RLUSD under federal supervision.
Timing matters
This puts Ripple in direct competition with Circle and Fidelity, who are also chasing banking licenses to meet the requirements of the soon-to-be-enacted GENIUS Act. New laws mean stricter rules for stablecoin issuers, like having to back their reserves with real assets and be overseen more closely by federal regulators.
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For Ripple, a license could unlock direct integration into the financial system — something traditional institutions increasingly demand before handling stablecoin assets.
Amina Bank's move is a sign that some parts of the old system are starting to embrace digital dollars, especially those issued by crypto firms that work with businesses instead of decentralized protocols. While RLUSD is still far behind USDC and USDT in total capitalization, its growing volume-to-market-cap ratio — 8.85% in the past 24 hours — suggests rising transactional utility.
If Ripple gets the banking license, it could change how regulated institutions interact with tokenized cash with RLUSD at the forefront of this transition.
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