03.07.2025 10:50
Ripple, the prominent digital asset firm deeply intertwined with the XRP Ledger, has submitted a groundbreaking application for a national banking charter. This significant move, confirmed by a spokesperson to CoinDesk, targets the Office of the Comptroller of the Currency (OCC). Securing this license would empower Ripple to significantly expand its cryptocurrency services nationwide, operating under a unified federal regulatory framework, thereby transcending state-level limitations.
The company, already a significant player in the space, issues the $440 million RLUSD stablecoin, meticulously regulated by the New York Department of Financial Services (NYDFS), and also offers sophisticated digital asset custody services. The Wall Street Journal initially broke this news on Wednesday, sparking a notable 3% surge in the value of XRP, the native cryptocurrency of the XRP Ledger payment network. This strategic application follows closely on the heels of Circle (CRCL), the USDC issuer, filing a similar application earlier this week.
This flurry of activity underscores the growing preference among stablecoin companies for federal oversight, a trend closely aligned with the ongoing advancement of U.S. legislation designed to regulate stablecoins and restructure the broader cryptocurrency market. Currently, the House of Representatives is reviewing the stablecoin bill that originated in the U.S. Senate. Anchorage Digital, a crypto custodian, already holds a prestigious federal charter, setting a precedent for this ambitious approach.
Ripple's CEO, Brad Garlinghouse, highlighted the dual regulatory benefits in an X post, stating that approval would establish “a new (and unique) benchmark for trust in the stablecoin market” by combining state and federal oversight (via NYDFS). Furthermore, earlier this week, leveraging Standard Custody – a New York-based trust and custody firm acquired by Ripple last year – the company also applied for a coveted master account at the Federal Reserve.
Access to a Federal Reserve master account would grant Ripple direct access to the central bank, eliminating the need for intermediary banks. This, according to Garlinghouse, would allow Ripple to securely store its stablecoin reserves, including U.S. Treasuries, directly with the Federal Reserve, thus "providing an additional layer of security to future-proof trust in RLUSD." This initiative follows a long-standing trend among crypto-focused firms like Kraken and Caitlin Long’s Custodia Bank...
