Ripple Labs has officially applied for a U.S. national banking license, marking a significant move to enhance credibility and regulatory clarity around its recently launched stablecoin, RLUSD. CEO Brad Garlinghouse announced the application on X (formerly Twitter), confirming that the company submitted its paperwork to the Office of the Comptroller of the Currency (OCC).
Ripple’s Banking Ambitions Strengthen RLUSD’s Regulatory Standing
Ripple’s push for a national bank charter reflects a broader strategy to ensure RLUSD becomes a trusted, compliant stablecoin in the evolving U.S. digital asset ecosystem. RLUSD is already regulated by the New York Department of Financial Services (NYDFS), but a federal charter would elevate its status and protections for holders.
In addition to the OCC application, Ripple is pursuing a Federal Reserve master account through its acquisition of Standard Custody earlier this year. If approved, this would allow Ripple to hold RLUSD reserves directly with the Fed—offering a level of protection and transparency typically reserved for traditional banks.
Garlinghouse emphasized that growing support from U.S. banks and clearer legislative guidance are key to enabling responsible crypto innovation. “Clear rules from Congress and stronger regulatory frameworks are helping the industry grow the right way,” he said.
Circle Takes Similar Steps Following GENIUS Act Passage
Ripple isn’t alone in moving toward tighter federal oversight. Circle, the issuer of the USDC stablecoin, has also filed for a national bank license in response to the recent passage of the GENIUS Act. The new legislation sets regulatory standards for stablecoins and brings major issuers under OCC supervision.
Circle CEO Jeremy Allaire described the move as “a proactive step” to comply with emerging standards for dollar-backed digital assets. The GENIUS Act is seen as a major development in the federal regulation of stablecoins, providing a clearer framework for oversight and compliance.
At present, Anchorage Digital remains the only crypto-native firm to hold a national bank charter in the U.S. Ripple’s application, along with Circle’s, signals a broader industry shift toward aligning stablecoin operations with traditional financial regulations.
As the U.S. regulatory landscape for digital assets matures, Ripple’s efforts to secure a national bank license and Fed access highlight its commitment to long-term trust, transparency, and financial stability for RLUSD.
