Key Takeaways
Ripple has applied for a national banking license with the US Office of the Comptroller of the Currency.
Ripple manages the RLUSD stablecoin, aiming to bridge crypto and traditional finance sectors.
Share this article
San Francisco–based blockchain payments firm Ripple has formally applied for a national banking license from the US Office of the Comptroller of the Currency (OCC), according to a new report from the Wall Street Journal. The application was filed on Wednesday, July 2.
The company, which also manages the dollar-backed RLUSD, currently operates its flagship stablecoin under the oversight of the New York Department of Financial Services. If Ripple’s application is approved, RLUSD would come under OCC supervision, which is stricter but offers enhanced transparency and compliance.
“The dual nature of that regulation would basically have set a new bar for transparency and compliance in the stablecoin market,” said Jack McDonald, who oversees Ripple’s stablecoin initiative.
Other crypto-native firms like Circle, BitGo, Coinbase, and Paxos are also actively pursuing bank-like status, per an April Wall Street Journal report.
On Monday, Circle confirmed that it had applied to the OCC for a national trust bank charter to enhance its digital assets custody and manage reserves for its USDC stablecoin.
Following the collapse of FTX and the failures of Silvergate and Signature Bank, traditional finance distanced itself from crypto, leaving many digital asset firms without banking access and under heightened regulatory pressure.
Now, with President Trump back in office vowing to make the US a “Bitcoin superpower,” the political climate is shifting, opening new paths for crypto firms to integrate more deeply into the financial system.
Some are seeking full bank charters; others are targeting limited-purpose licenses focused on stablecoin issuance. BitGo, for example, is reportedly close to applying for a charter and is holding reserves for USD1, a stablecoin tied to Trump-backed World Liberty Financial.
To date, Anchorage Digital remains the only crypto firm to secure a federal bank charter, obtained in 2021, an effort that required heavy compliance spending and intense regulatory oversight, according to CEO Nathan McCauley.
Share this article
