SS #10 - Ripple Seeks National Banking License

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In Today's Edition:

• Headline: Ripple Seeks National Banking License

• Quick Bites: Paxos Launches USDG on EU

• Yield of the Week: 565.19% APY in USDT on Euler

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HEADLINE

Ripple Seeks National Banking License

State of play: Ripple has applied for a national banking license with the OCC, aiming to bring its stablecoin RLUSD under federal regulation and expand its crypto services.

• Ripple’s application would make RLUSD subject to both state (NYDFS) and federal (OCC) oversight, a first for stablecoins.

• Ripple’s subsidiary is also seeking a Federal Reserve master account, allowing direct custody of RLUSD reserves with the central bank.

• Circle, another major stablecoin issuer, has also applied for a national banking license.

What’s Next: More crypto firms are likely to seek national banking licenses, and Ripple could soon offer expanded, federally regulated crypto services if approved.

Why it Matters: Federal oversight boosts trust and legitimacy for stablecoins, paving the way for greater institutional adoption and deeper integration with traditional finance.

Our Take: Ripple’s move sets a new compliance standard; early adopters will gain an edge, but must balance new opportunities with increased regulatory demands.

QUICK BITES

• Paxos launches USDG in the EU.

• Ripple applies for a US banking license.

• Ivy adds Circle’s USDC, EURC stablecoins.

• Finery states USDC sees 29-fold YoY growth.

• Upbit to work on a Won stablecoin with Naver Pay.

• AllUnity to introduce German-regulated stablecoin.

• Ripple expands stablecoin infrastructure partnership.

• Banca Sella pilots stablecoin custody with Fireblocks.

• Letitia James warns stablecoin bills put Americans at risk.

• Ondo and Pantera plan $250M investment in RWA projects.

• Tether plans further BTC mining expansion in South America.

• JPMorgan sees the stablecoin market hitting $500B by 2028.

• Amina introduces custody, trading with Ripple’s RLUSD stablecoin.

• Stable uses Tether's USDT as a gas token, unveils 'Phase 1' of its roadmap.

• Circle unveils Gateway to unify USDC stablecoin access across multiple blockchains.

• Bankruptcy judge allows Celsius to proceed with claims against Tether in $4.3B dispute.

YIELD OF THE WEEK

Euler USDT / USDC on Euler Prime: 42.2% - 565.19% in USDT

• Euler enables leveraging USDT as collateral, borrowing USDC up to 14.27x to maximize yield.

• With a max LTV of 93%, the liquidity in this pool is up to $21.36M.

• USDT and USDC are the top two stablecoins, so pools involving them are generally considered safe for maximum leverage. However, it's still crucial to proceed at your own risk.

Euler USDT / RLUSD on Euler Prime: 42.19% - 562.93% in USDT

• Euler enables leveraging USDT as collateral, borrowing RLUSD up to 14.27x to maximize yield.

• With a max LTV of 93%, the liquidity in this pool is up to $2.43M.

• With the recent Ripple development and push on RLUSD, we can see more adoption of RLUSD.

Hermetica sUSDh: 8% APY in USDh

• Hermetica is the first Bitcoin-backed, yield-bearing synthetic dollar on Bitcoin L1 via Runes and Bitcoin L2 via Stacks.

• USDh is designed by Hermetica to be a dollar-pegged stablecoin. It achieves price stability by coupling Bitcoin holdings with a short perpetual futures position, thereby hedging Bitcoin's price movements.

• USDh yield is distributed to stakers daily.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.