Ripple Seeks US Banking License to Boost RLUSD Trust

Ripple Labs is applying for a national banking license as part of efforts to enhance trust in its RLUSD stablecoin.

The move comes as other crypto companies also turn to regulation to build credibility.

A New Industry Benchmark?

Ripple CEO Brad Garlinghouse confirmed on Wednesday via X that the company is applying for a license with the U.S. national bank regulator, the Office of the Comptroller of the Currency (OCC).

“True to our long-standing compliance roots, Ripple is applying for a national bank charter from the OCC,” the post read.

The executive explained that if approved, the license would place Ripple under both state supervision by the New York Department of Financial Services (NYDFS) and federal oversight.

He added that this dual regulatory structure would set a new and unique benchmark for trust in the stablecoin market.

Garlinghouse also revealed that Ripple has requested for a Master Account with the Federal Reserve, which would allow the company access to the U.S. central banking system. He said this development would enable Ripple to hold RLUSD reserves directly with the Fed. It also adds an extra layer of security to support long-term trust in the stablecoin.

The bid was submitted through Standard Custody, a crypto custody firm acquired by Ripple in February 2024.

“Ripple always has and will continue to build trusted, battle-tested and secure infrastructure. In a $250B+ market, RLUSD stands out for putting regulation first, setting the standard that institutions expect,” Garlinghouse said.

Circle Applies for National Trust Bank

Ripple’s decision came two days after USDC issuer Circle revealed it had submitted an application to the OCC to create a national trust named First National Digital Currency Bank, N.A. The initiative would allow Circle to directly custody the reserves backing USDC instead of only relying on external banking partners.

Circle Co-Founder and CEO Jeremy Allaire said the move marks a major step toward creating a transparent, efficient, and accessible internet-based financial system.

He added that the company aims to strengthen the infrastructure supporting USDC and align with upcoming U.S. regulations for dollar-pegged stablecoins, which require issuers to keep full dollar reserves and share monthly reports.

These developments come as federal legislation known as the GENIUS Act advances. The bill recently passed the Senate but must still advance in the Republican-controlled House before becoming law.