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Ripple Becomes Latest Crypto Firm To Seek US Banking Charter

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Ripple is putting its legal fight with the SEC behind it, allowing the company to move forward

Ripple Labs is the latest cryptocurrency company to seek formal recognition in the US banking sector. On Wednesday, Ripple CEO Brad Garlinghouse confirmed that the firm has submitted an application for a national bank charter to the Office of the Comptroller of the Currency (OCC). The move comes as crypto companies prepare for stricter regulations tied to the issuance of stablecoins.

Garlinghouse described the application as an extension of Ripple’s longstanding commitment to regulatory compliance. If approved, the charter would place Ripple under direct federal oversight and strengthen its position in the stablecoin space, especially regarding its Ripple USD (RLUSD) token, which is already regulated by the New York Department of Financial Services.

The timing follows a similar step by Circle Internet Group, the company behind the USDC stablecoin, which applied earlier this week to establish a national trust bank. Both applications align with the requirements outlined in the recently passed GENIUS Act, a bill that sets regulatory standards for US dollar-backed stablecoins and designates the OCC as a primary regulator for large issuers.

Garlinghouse also revealed that Ripple is seeking a Federal Reserve master account, a move that would allow the company to hold RLUSD reserves directly with the central bank. The application was made through Standard Custody, a digital asset custodian acquired by Ripple in early 2024.

Having direct access to the Fed’s systems would be a significant step toward integrating Ripple more deeply into the US financial infrastructure and would offer an added level of security for RLUSD holders.

The market responded positively to the news, with XRP, Ripple’s native token, rising over 3% to $2.24. At its peak, it briefly reached $2.27 before easing slightly.

Ripple’s bid highlights the crypto industry’s broader effort to align more closely with traditional finance while navigating an evolving regulatory environment.

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