02.07.2025 23:30

Ripple, a prominent cryptocurrency company, is actively pursuing integration into traditional finance by applying for a national banking license in the United States. This strategic move signifies a significant shift in their operational framework and regulatory landscape.

The application, filed with the Office of the Comptroller of the Currency (OCC), follows closely on the heels of Circle’s similar application for a national trust bank license. This bold step positions Ripple alongside other cryptocurrency firms attempting to navigate the complexities of mainstream finance. The application, reported by the Wall Street Journal, underscores the growing interest among digital asset companies in securing traditional banking charters.

Currently operating under the regulatory umbrella of the New York Department of Financial Services (NYDFS), a national banking license would subject Ripple’s RLUSD stablecoin to the OCC's oversight. This dual regulatory framework, as noted by Jack McDonald, Ripple's senior vice president of stablecoins, establishes a higher standard of transparency and compliance within the stablecoin sector.

Further solidifying this ambition, Ripple CEO Brad Garlinghouse confirmed the application via a post on X (formerly Twitter). He emphasized the company's commitment to compliance, highlighting that the application for a national bank charter represents a pioneering step toward greater trust within the stablecoin market. Garlinghouse also revealed that a concurrent application for a Federal Reserve Master account, through their subsidiary Standard Custody & Trust Company, has been submitted. This move would allow Ripple to directly hold RLUSD reserves with the Federal Reserve, enhancing the security and transparency of their operations. This dual approach, involving both state and federal oversight, marks an unprecedented level of regulatory engagement for a cryptocurrency company.