Ripple Seeks National Banking License to Expand Stablecoin and Crypto Services

3 mins mins

Highlights:

Ripple submitted a national bank license application to the U.S. OCC.
The move could bring RLUSD stablecoin under both federal and state regulation.
Ripple may expand its crypto offerings through full bank-level infrastructure.

Ripple has officially applied for a national banking license with the U.S. Office of the Comptroller of the Currency (OCC). The application reflects a growing push by crypto-native companies to secure federal charters and integrate into the traditional financial system.

The move follows similar efforts by Circle and comes amid a shift in regulatory tone under the current administration.

Ripple Aims for Dual Oversight of RLUSD

Ripple currently operates its dollar-backed stablecoin RLUSD under the regulation of the New York Department of Financial Services (NYDFS). By applying for a national charter, Ripple seeks to bring RLUSD under OCC supervision, creating a framework of both state and federal compliance. This dual oversight would enhance trust and transparency in Ripple’s stablecoin operations, according to CEO Brad Garlinghouse.

The company submitted its application on Wednesday, July 3, aiming to establish a new model for stablecoin governance in the U.S. Garlinghouse posted that this approach would be a “new benchmark for trust” in the market. The charter would also enable Ripple to manage reserves and offer custodial services within a federally regulated environment.

True to our long-standing compliance roots, @Ripple is applying for a national bank charter from the OCC. If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market.

Earlier in the week via… https://t.co/IdiR7x3eWZ
— Brad Garlinghouse (@bgarlinghouse) July 2, 2025

Earlier this week, Ripple subsidiary Standard Custody & Trust Company also applied for a Federal Reserve master account. This step, if approved, would allow Ripple to hold RLUSD reserves directly with the central bank. Such access could reduce reliance on commercial banks and streamline stablecoin management.

Favourable Environment Spurs Federal Applications

Ripple’s application arrives just days after Circle filed for a national banking charter with the OCC. Circle’s application also focuses on custodial control over its USDC reserves and institutional crypto services. The parallel timing signals increased urgency among crypto firms to secure federal banking authority.

This regulatory shift follows failures in crypto banking access after the collapse of FTX and the shutdown of Silvergate and Signature Bank. With President Trump’s return to office and his pro-crypto stance, the federal regulatory tone has grown more favourable. National charters are now viewed as critical paths for crypto firms seeking long-term stability.

Anchorage Digital remains the only digital asset firm with a national bank charter, granted in 2021 after extensive compliance efforts. Now, firms like BitGo and Paxos are also preparing similar applications, further signaling a wave of federal integration across the sector.

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