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The Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) have all approved US banks to provide crypto custody services.

 

America’s top banking regulators have issued unified guidance defining “safekeeping” as the act of holding digital assets on behalf of customers, with or without fiduciary responsibility.

This regulatory alignment officially authorizes the safekeeping of digital assets, marking a significant milestone for the cryptocurrency industry, especially for Bitcoin and XRP. With this clarity, it is a major step toward integrating digital assets into traditional finance and legitimizing them, allowing banks to offer unambiguous, secure, and regulated storage for both small and large clients, including Bitcoin.

This regulatory progress is particularly notable for XRP. The purpose of the XRP Ledger (XRPL) was for institutional use, not speculation. Its architecture and design reflect serious financial applications.

The XRPL is technically ready for the custody role that regulators have now approved, thanks to its native support for tokenization, transaction finality within 3 to 5 seconds, and the completion of over 70 million ledgers.

XRP is particularly well-suited to meet custodianship standards due to its speed, scalability, and reliability—qualities that financial institutions require in a compliant and scalable custody framework. BNY Mellon’s custody platform is integrating Ripple’s US dollar-backed stablecoin, RLUSD. As one of the oldest and most reputable banks in the world, BNY Mellon’s involvement adds significant legitimacy to this project.