Ripple Labs has applied for a national bank charter with the US Office of the Comptroller of the Currency (OCC).
CEO Brad Garlinghouse confirmed the move on X, writing,
“True to our long-standing compliance roots, Ripple is applying for a national bank charter from the OCC.”
The charter would place Ripple’s operations under federal regulation. Ripple’s RLUSD stablecoin is already overseen by the New York Department of Financial Services. If granted, the OCC license would expand that oversight nationally.
The application follows recent Senate approval of the GENIUS Act. The bill designates the OCC as the main regulator for large stablecoin issuers and introduces new capital, auditing, and reserve requirements.
Ripple Responds to GENIUS Act with Fed Account Application
Alongside the OCC license, Ripple also applied for a Master Account with the Federal Reserve.
This account would allow the company to hold RLUSD reserves directly with the central bank. Garlinghouse stated this would provide “an additional layer of security to future proof trust in RLUSD.”
Ripple submitted the request through Standard Custody, a crypto custody firm it acquired in February 2024. Direct access to the Federal Reserve system would reduce reliance on intermediary banks.
Few non-bank entities hold Master Accounts. If approved, the Ripple Fed Master Account would offer direct settlement capabilities using central bank infrastructure, aligning with requirements in the GENIUS Act.
Circle Applied Days Earlier for OCC Bank Charter
Two days before Ripple’s announcement, Circle Internet Financial also applied for a banking license with the OCC. The company issues USDC, the second-largest stablecoin by market capitalization.
Circle CEO Jeremy Allaire stated the firm was taking “proactive steps” to comply with upcoming US regulation.
Circle’s trust bank application seeks federal oversight to meet new obligations for stablecoin issuers.
Anchorage Digital is currently the only crypto firm with a national bank charter. Ripple’s and Circle’s filings highlight how stablecoin issuers are adapting ahead of regulatory enforcement.
XRP Price Rises After Regulatory News
XRP gained 3.2% following Ripple’s announcement. According to CoinGecko, the token reached $2.27 before stabilizing at $2.24. The move began shortly after Garlinghouse posted about the OCC and Fed applications.
XRP is the native token of the XRP Ledger, which Ripple uses for its payment products.
The firm did not mention XRP in the regulatory filings, but the timing coincided with the token’s rise.
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