Ripple Seeks U.S. Bank License, Signaling Crypto’s Next Leap Toward Mainstream Finance
- Keyword Financial
- Jul 2
- 3 min read
Introduction
Ripple Labs has applied for a U.S. banking license, following in the footsteps of Circle, as crypto companies seek greater legitimacy and closer integration with traditional finance. Ripple’s CEO, Brad Garlinghouse, confirmed the application for a national bank charter with the Office of the Comptroller of the Currency (OCC), emphasizing that approval would set a new standard for trust in the stablecoin market. Ripple’s USD stablecoin (RLUSD) is already regulated by the New York Department of Financial Services, and the company’s move comes as Congress advances the GENIUS Act, a bill aimed at regulating stablecoin issuers under federal oversight.
This push for a banking license comes just days after Circle, the issuer of the USDC stablecoin, applied to the OCC to create a national trust bank for its stablecoin reserves. The GENIUS Act, recently passed by the U.S. Senate, outlines new standards for stablecoin issuers and designates the OCC as the primary regulator for larger players in the space. Both Ripple and Circle are positioning themselves to comply with these emerging regulations, aiming to strengthen their roles in the evolving digital asset ecosystem. Currently, Anchorage Digital is the only crypto firm with a national bank charter in the U.S.
In addition to the banking license, Ripple has also applied for a Federal Reserve Master Account, which would allow it to hold RLUSD reserves directly with the U.S. central bank, adding another layer of security and trust for its stablecoin. This application was made through Standard Custody, a crypto custody firm Ripple acquired earlier in 2024. News of Ripple’s bank charter application led to a 3.2% increase in the price of XRP, the native token of the XRP Ledger blockchain, reflecting positive market sentiment around Ripple’s efforts to become a regulated financial institution.
