Ripple has a national trust bank. RLUSD still has a different issuer

Ripple has said its proposed national trust bank received final federal approval on October 26, giving the company a federally supervised institution to manage the assets behind RLUSD. The stablecoin will still be issued by Standard Custody & Trust Company, a separate Ripple subsidiary supervised by New York state. One token, two affiliated institutions and an outside reserve custodian now sit in the payment structure that a holder must understand. Summary Ripple says the OCC granted final approval to Ripple National Trust Bank after preliminary conditional approval in December 2025. Standard Custody & Trust Company remains RLUSD’s New York-regulated issuer, while the new bank is assigned reserve management and trusteeship. Ripple’s October 22 transparency snapshot lists $2.3828 billion circulating and $2.5280 billion in reserve funds, figures from the same date. Ripple’s user terms restrict direct redemption to eligible customers under a separate agreement; holding a token alone does not open that channel. BNY says its October 27 expansion adds XRP and RLUSD institutional custody while direct bank-facilitated RLUSD minting remains under exploration. A stablecoin holder may...