Ripple is pursuing a national banking charter in the United States, a move that would place the crypto company under both federal and state regulatory oversight.
In a post on X published Wednesday, Ripple CEO Brad Garlinghouse announced that the company has officially submitted its application for a national bank charter to the Office of the Comptroller of the Currency (OCC). The application has been formally acknowledged by the regulator.
This development marks a significant step in Ripple’s strategy to expand its presence in the stablecoin market through its U.S. dollar-backed token, RLUSD. Garlinghouse also revealed that Ripple, through its subsidiary Standard Custody, has applied for a Federal Reserve master account.
If approved, the master account would enhance Ripple’s settlement capabilities and improve the security of RLUSD reserves by allowing the company to hold them directly with the U.S. central bank.
With direct access to the Federal Reserve’s payment systems, Ripple would no longer need to rely on intermediary banks. This development could significantly streamline its operations. Ripple launched its U.S. dollar-backed stablecoin, RLUSD, in December 2024. While still trailing industry leaders like Tether and Circle’s USD Coin, RLUSD has grown steadily and now holds a market capitalization of approximately $470 million, according to DefiLlama.
Currently, Ripple operates under state-level regulation through the New York Department of Financial Services. However, obtaining a national bank charter would place the company under both federal and state oversight—giving it a dual regulatory framework that few crypto firms have achieved.
The move follows a similar step by Circle, which recently submitted an application to establish a national trust bank. Both companies appear to be positioning themselves ahead of the GENIUS Act’s rollout—a federal bill that passed the Senate in May. The legislation sets clear regulatory standards for stablecoin issuers and would grant the OCC authority over major dollar-pegged token providers.
As Ripple strengthens its regulatory footing, its presence in financial markets is growing. XRP, the digital asset closely associated with Ripple, has risen 4% in the past 24 hours. Trading volume surged to $3.65 billion, marking a 38% increase in daily activity.
On the derivatives front, Coinglass data shows that open interest in XRP climbed 8% to $4.5 billion, while futures trading volume spiked 29% to $7.38 billion. The sharp rise in both spot and derivatives markets underscores heightened investor interest amid Ripple’s ongoing regulatory efforts.
