Ripple’s subsidiary, Standard Custody & Trust Company, applied for a Federal Reserve master account to directly custody RLUSD reserves with the central bank and to issue and redeem stablecoins outside normal banking hours

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Separately, Ripple subsidiary Standard Custody & Trust Company applied for a Federal Reserve master account on Monday. If granted, the account would allow Ripple to custody the reserves directly with the Fed, and issue and redeem stablecoins outside of normal banking hours.

Standard Custody & Trust Company, Ripple’s subsidiary, also submitted an application for a Federal Reserve master account earlier this week. If granted, the firm could directly custody RLUSD reserves with the central bank and issue or redeem tokens outside normal banking hours