Ripple Details Regulatory Framework for RLUSD Stablecoin

Ripple outlined the regulatory landscape surrounding its dollar‑backed stablecoin, RLUSD, highlighting how various licenses shape reserve requirements, oversight and holder protections.

License Types and Holder Protections

According to Ripple’s September 11 blog post, money‑transmitter licenses, state trust charters and federal banking supervision all involve government oversight but differ in capital requirements, reserve rules and the consequences of issuer failure. RLUSD is issued by Ripple’s subsidiary Standard Custody & Trust Company under a limited‑purpose trust charter from the New York Department of Financial Services. The framework includes segregated reserves and independent attestations of reserve disclosures.

Federal Trust Bank – Conditional Approval

Ripple received a conditional approval in December 2025 to establish Ripple National Trust Bank. The Office of the Comptroller of the Currency (OCC) indicated that final authorization depends on meeting all pre‑opening requirements. The proposed bank would manage RLUSD’s segregated reserves and provide collateral trustee services, while Standard Custody would remain the issuer under New York supervision.

CFTC Collateral Pilot

The Commodity Futures Trading Commission’s digital‑assets collateral pilot, announced in December 2025, offers a no‑action position that permits futures commission merchants to accept qualifying digital assets as margin collateral under specific conditions. Ripple described this as conditional relief for collateral treatment, not an endorsement of any particular stablecoin.

Tokenized Deposit Integration

Ripple Prime has begun using Bank of New York Mellon’s tokenized deposit service, mirroring deposit balances on a private blockchain for collateral and margin workflows.

Broader Industry Context

Ripple’s federal charter application was one of five crypto‑related trust bank approvals the OCC issued in December 2025, alongside applications linked to Circle, Bitgo, Fidelity and Paxos.