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. Ripple says the OCC granted final approval to Ripple National Trust Bank after preliminary conditional approval in December 2025.