Crypto firm Ripple Labs has applied for a national banking license from the US Office of the Comptroller of the Currency (OCC), following a similar move by Circle, the issuer of USDC. Ripple CEO Brad Garlinghouse confirmed the development, stating that securing the license would establish a new benchmark for trust in the stablecoin market, as it would bring Ripple under both federal and state oversight. Ripple’s RLUSD stablecoin is already regulated by the New York Department of Financial Services.
The application comes just days after Circle applied to form a national trust bank, aligning with the recently passed GENIUS Act, which introduces federal standards for stablecoin issuers. Ripple has also applied for a Master Account with the Federal Reserve through its subsidiary Standard Custody. If approved, this would allow Ripple to hold RLUSD reserves directly with the Fed, enhancing the stablecoin’s credibility and security.
Following the news, XRP, the native token of the XRP Ledger, saw a 3.2% increase, reaching a 24-hour high of $2.27 before settling around $2.24.