Ripple Seeks National Bank Charter Amid Stablecoin Expansion

Ripple, the blockchain firm behind the XRP Ledger, has applied for a national banking license with the U.S. Office of the Comptroller of the Currency (OCC), a move that could significantly broaden its regulatory reach and operational scope. The license would allow Ripple to offer crypto services across state lines under federal oversight.

This development follows the company’s recent launch of its RLUSD stablecoin, which is regulated by the New York Department of Financial Services (NYDFS) and backed by $440 million in reserves. Ripple also provides digital asset custody services and aims to solidify its role in the evolving U.S. stablecoin landscape.

XRP, the native token of the XRP Ledger, rose 3% on the news.

Ripple's application comes days after stablecoin issuer Circle also applied for a national bank license, signaling an industry-wide shift toward regulatory clarity as lawmakers advance stablecoin legislation. A bill to regulate stablecoins and broader crypto market structure is currently being considered by the U.S. House of Representatives.

Ripple CEO Brad Garlinghouse emphasized the importance of dual regulation—state and federal—calling it a new benchmark for trust in stablecoins. In addition to the OCC license, Ripple has applied for a master account at the Federal Reserve through its acquired firm, Standard Custody. If granted, this would allow Ripple to hold RLUSD reserves such as U.S. Treasuries directly with the Fed, bypassing intermediaries and enhancing security and transparency.

While other crypto firms like Anchorage Digital have secured federal charters, companies such as Kraken and Custodia Bank have faced repeated roadblocks in accessing Fed accounts. Ripple’s proactive regulatory approach marks a significant push to gain mainstream legitimacy in the U.S. financial system.