03.07.2025 05:06
Ripple, a prominent cryptocurrency firm, has submitted a formal application for a national banking charter with the Office of the Comptroller of the Currency (OCC) in the United States. This ambitious move, confirmed by CEO Brad Garlinghouse via a post on X (formerly Twitter), seeks to place Ripple under both federal and state regulatory scrutiny. The application, already acknowledged by the OCC, represents a significant leap forward for the company.
This strategic decision is intrinsically linked to Ripple's burgeoning involvement in the stablecoin market, specifically with its US dollar-backed RLUSD token. Simultaneously, Ripple, through its subsidiary Standard Custody, has also applied for a Federal Reserve master account. Securing this account would revolutionize Ripple’s operational efficiency, enhancing the security of RLUSD reserves by allowing direct access to the U.S. central bank's payment systems, thus eliminating the need for intermediary banks.
Garlinghouse emphasized Ripple's long-standing commitment to compliance, highlighting the unique dual oversight structure that a national bank charter would afford – state-level regulation through the New York Department of Financial Services (NYDFS) coupled with federal oversight. This unprecedented level of transparency is poised to significantly boost trust within the stablecoin sector. This follows a similar move by Circle, who also recently applied for a national trust bank charter, indicating a broader industry trend towards increased regulation and transparency.
Launched in December 2024, RLUSD, though relatively smaller than established players like USDT and USDC, has already amassed a market capitalization of approximately $470 million, according to data from DefiLlama. Obtaining a national bank charter would solidify Ripple's position and provide a robust framework for continued growth within the increasingly regulated landscape of digital assets. The application underscores Ripple's proactive approach to navigating the evolving regulatory environment and its dedication to building a more transparent and secure ecosystem for stablecoins.
