"Ripple to launch national trust bank" Oct 27, 2026
Tuesday, 27 October 2026 · 2 min read · Listen to the episode ↗
Ripple won final OCC approval to launch a national trust bank to support RLUSD, provide enterprise custody and manage segregated reserves, while issuance remains with New York-regulated Standard Custody and the charter permits neither deposits nor lending. The episode also examines proposed MSCI rules that could affect Strategy’s Bitcoin fundraising and Hyperliquid’s plan for CFTC-regulated deployers to offer markets, pending regulatory approval.
Ripple received final approval from the Office of the Comptroller of the Currency to launch a National Trust Bank. Brad Garlinghouse said the federally supervised bank would support RLUSD, provide custody services for enterprise customers and manage the stablecoin’s segregated reserves. RLUSD issuance will remain with Standard Custody and Trust Company, which is regulated in New York, and the national trust charter does not authorize deposit-taking or lending. RLUSD’s market capitalization was $2.5 billion. The Digital Chamber rejected Senator Elizabeth Warren’s criticism of the trust-bank approvals.
Strategy made no Bitcoin purchases from October 19 through October 25, ending a five-week buying streak. It held 848,517 Bitcoin, valued at about $67.9 billion, and spent about $205 million repurchasing STRC preferred shares. Proposed MSCI rules for non-operating companies could lead to Strategy’s exclusion from MSCI indexes, potentially making additional Bitcoin fundraising harder. Strategy’s stock fell 6.9% last week; the synopsis did not establish that the proposed rules caused the decline.
Hyperliquid said Kraken parent Payward will be the first CFTC-regulated deployer on its HIP3 markets. HIP3 is designed to let deployers restrict market access using on-chain allow lists, potentially enabling regulated U.S. perpetual futures trading on Hyperliquid infrastructure. The functionality is live on Testnet, but the plan still requires regulatory approval. It remains unclear how permissioning would work in practice, including whether markets would have built-in identity checks. Hyperliquid describes itself as neutral infrastructure, with deployers controlling their markets and taking responsibility for them. Bitnomial’s regulated exchange and clearinghouse would also act as a deployer.
SPI Holdings and Stardl Group signed a memorandum of understanding with BlackRock to explore connecting tokenized money market funds with SPI’s Japanese yen stablecoin, JPYSEC. The agreement is exploratory, not a product launch, and the effort is intended to be open to other financial institutions. BlackRock’s Buidl fund manages around $2.17 billion. SPI launched JPYSEC in June as Japan’s first trust bank-backed yen stablecoin.
Strive acquired 6,182 Bitcoin between October 17 and October 23, bringing its holdings to 43,000. That compares with 44,000 for MetaPlanet and 43,514 for 21. CEO Matt Cole said he wants Strive to become the second-largest public Bitcoin holder by year-end. The company established an at-the-market program for up to $1 billion of STRC preferred stock and ended the week with $504 million in cash.
Bitcoin was reported at $79,745, Ethereum at $2,310 and BNB at $738.
This summary was generated from the episode transcript and can contain mistakes.