Swiss crypto bank AMINA has become the first to directly support Ripple’s RLUSD stablecoin. The move marks a substantial milestone for the fintech company. AMINA will offer custody and trading services at launch to all RLUSD holders. The bank aims to further expand its services in the coming months. According to Myles Harrison, AMINA’s Chief Product Officer, “We are proud to be the first bank to support RLUSD and to provide our clients with access to one of the most anticipated digital assets in the market.“
Ripple Set To Make A Splash In The Stablecoin Market?
The stablecoin market has seen an incredible rise in popularity over the last few years. The GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act recently passed the US Senate. The bill is currently awaiting approval in the House of Representatives. Many anticipate the bill to be made into law very soon. President Trump will likely pass the bill as soon as it reaches his desk. Ripple’s entry into the stablecoin market could not have come at a better time.
Also Read: Do Banks Need Ripple XRP to Facilitate Money Transfers?
Ripple USD (RLUSD) has attained a market cap of $469.21 million. It is currently the 164th-largest crypto project by market cap. The project will most likely climb the charts very soon.
Will XRP Benefit?
XRP does not have any direct links to Ripple’s stablecoin project. However, if RLUSD gains momentum, XRP will likely benefit from more awareness.
Ripple’s XRP token seems to be following the market-wide resurgence. XRP is trading entirely in the green zone today. The asset is up 3.8% in the daily charts, 3.8% in the weekly charts, 5.4% in the 14-day charts, 3.2% over the previous month, and 374.1% since July 2024.
XRP fans are also looking forward to the SEC’s decision on a spot XRP ETF. The asset could see a huge price rally if an ETF is approved.