Ripple applies for U.S. bank license to boost credibility

Ripple Labs has confirmed it is applying for a national bank charter in the United States, joining the growing movement of crypto-native firms seeking tighter regulatory integration with the traditional financial system. The move comes on the heels of Congressional momentum on a stablecoin regulation bill and reflects the industry’s push toward compliance-led legitimacy.

CEO Brad Garlinghouse announced the application on Wednesday via X, stating that Ripple had formally submitted paperwork to the U.S. Office of the Comptroller of the Currency (OCC), the federal regulator responsible for national banks.

“True to our long-standing compliance roots, Ripple is applying for a national bank charter from the OCC,” Garlinghouse wrote. He described the step as a significant trust signal for the stablecoin sector, noting that Ripple’s RLUSD stablecoin is already regulated by the New York Department of Financial Services.

Circle and Ripple align as senate advances stablecoin law

Ripple’s move comes just two days after Circle Internet Group issuer of the USDC stablecoin filed its own application to establish a national trust bank through the OCC. Both firms are responding to the U.S. Senate’s recent passage of the GENIUS Act, a proposed stablecoin regulatory framework that places oversight of major issuers under the OCC.

The bill sets operating standards for issuers of U.S. dollar-pegged digital assets and emphasizes regulatory clarity. Circle CEO Jeremy Allaire said the company’s application was part of “proactive steps” to align with evolving U.S. legal frameworks.

If approved, Ripple would become only the second crypto company after Anchorage Digital to hold a national bank charter, signaling a major shift in how digital finance firms engage with the U.S. regulatory architecture.

Ripple applies for federal reserve master account

In a related move, Ripple has also applied for a Master Account with the U.S. Federal Reserve. This type of account grants direct access to the central banking system, enabling Ripple to hold RLUSD reserves with the Fed itself enhancing custodial transparency and operational security.

This access would allow us to hold $RLUSD reserves directly with the Fed and provide an additional layer of security to future-proof trust in RLUSD, Garlinghouse explained in his post.

He also noted changing sentiment within the banking sector, suggesting that financial institutions are now more open to working with crypto companies. Banks, in a far cry from the years of Operation Chokepoint 2.0, are leaning in, he added, referencing past claims of political efforts to marginalize the crypto industry.

Ripple submitted its Fed application through Standard Custody, a crypto custody provider it acquired in February 2024.