Ripple has formally filed for a national banking charter in the U.S., signaling a major step in its effort to bridge the gap between the crypto industry and traditional finance, according to sources familiar with the move.
The San Francisco-based firm submitted its application to the Office of the Comptroller of the Currency (OCC) on Wednesday, seeking federal-level approval that would give it broader authority to operate across state lines.
Ripple is best known for its blockchain-based payment network and RLUSD, a U.S. dollar-pegged stablecoin currently regulated at the state level by the New York Department of Financial Services.
If granted, the national charter would subject RLUSD to OCC supervision, marking a significant expansion in regulatory clarity. Jack McDonald, Ripple’s SVP of stablecoins, said the dual regulatory status would set a precedent for compliance in the stablecoin space, offering deeper transparency and risk management assurances to users and regulators alike.
Stablecoins, which rely on reserves like cash and short-term Treasuries to back their value, have come under heightened scrutiny as governments around the world weigh new digital currency frameworks.
Ripple also hinted that the banking license could open the door to additional crypto-based financial services in the future, suggesting its ambitions go far beyond cross-border payments.
