Ripple Labs, the company responsible for the $XRP altcoin, has just applied for a national banking license from the U.S. Office of the Comptroller of the Currency (OCC).
This would allow Ripple to operate as a federally regulated bank in the U.S., giving the company the ability to custody assets, manage cash reserves, and also offer payment services without having to rely on another banks.
Ripple Eyes Fed Access as Crypto Firms Push Into Traditional Finance
Ripple is also seeking approval to open a master account with the Federal Reserve, which would enable the company to store RLUSD reserves with the central bank. This would give Ripple direct access to the U.S. central banking system, allowing it to securely manage RLUSD reserves without relying on commercial banks.
The move comes only a couple of days after Circle, issuer of USDT, applied for a national trust bank charter. As per WSJ, Coinbase and Paxos are other cryptocurrency firms exploring similar moves.
Since getting things straight with the SEC, Ripple has been slowly moving toward its goal of offering crypto custody and tokenization via the XRP Ledger.
RLUSD Stablecoin: A Regulatory Bridge Between Blockchain and Banking
Ripple’s push for a banking license is closely tied to its RLUSD stablecoin, which launched in December 2024 after receiving approval from the New York Department of Financial Services. The stablecoin is fully backed on a 1:1 ratio by U.S. Dollar deposits, treasuries, and cash equivalents.
RLUSD is already one of the top dollar-pegged currencies in the market. In less than a year, the stablecoin already has a market capitalization of over $300 million. Given Ripple’s ventures into cross-border payments, RLUSD could play a major role in bridging traditional finance and blockchain infrastructure.
If approved, Ripple Labs could become the first cryptocurrency firm to hold both state and federal oversight, holding both a NYDFS license and a (potential) national bank charter from the OCC.
The world’s second-largest altcoin, $XRP, enjoyed a 3% increase in value throughout the day s the news of Ripple’s federal move arose. As of right now, the asset trades at $2.24 with a market capitalization of $132 billion.
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