Ripple Has Applied for a National Banking License

Ripple has officially applied for a national bank charter from the U.S. Office of the Comptroller of the Currency (OCC), aiming to establish a new regulatory benchmark for trust in the stablecoin market.

If granted, the charter would place Ripple under both state and federal oversight, aligning it with compliance standards set by the New York Department of Financial Services (NYDFS) and federal regulators.

Brad Garlinghouse, CEO of Ripple, announced the move in a July 2 post, highlighting the company’s long-standing commitment to regulatory compliance. “We would have both state and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market,” Garlinghouse said.

RLUSD Could Gain Fed Access Through Master Account Application

Earlier in the week, Ripple—through its partner Standard Custody—also applied for a Federal Reserve Master Account. This would allow the company to hold RLUSD reserves directly with the Fed. Garlinghouse noted that this step could provide enhanced security and regulatory assurance for RLUSD, Ripple’s upcoming stablecoin, especially as Congress continues to craft stablecoin legislation.

READ MORE:

Bitcoin Averages 37% Rebound After Crises, Binance Research Finds

The application comes at a time when banks and regulators appear to be warming to digital asset integration, in contrast to the restrictive climate of earlier years like “Operation Chokepoint 2.0.”

Garlinghouse emphasized that Ripple’s infrastructure is built for institutional trust. In a stablecoin market that exceeds $250 billion, RLUSD is positioning itself as a fully regulated, institution-grade product. “RLUSD stands out for putting regulation first, setting the standard that institutions expect,” he stated.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.