Ripple Labs has submitted an application for a national banking license with the Office of the Comptroller of the Currency (OCC), joining the growing wave of cryptocurrency companies seeking formal regulatory approval in the United States. CEO Brad Garlinghouse announced the move on social media, describing it as aligned with the company’s “long-standing compliance roots” and positioning it as a potential “new benchmark for trust in the stablecoin market.” The application comes just two days after Circle Internet Group, the issuer of the second-largest stablecoin USDC, filed a similar request to establish a national trust bank for overseeing its stablecoin reserves.
The timing of these applications coincides with significant regulatory developments, including the Senate’s passage of the GENIUS Act, which establishes comprehensive standards for dollar-pegged stablecoins and designates the OCC as the primary regulator for larger stablecoin issuers. This legislative framework has created a clearer pathway for cryptocurrency companies to operate within the traditional banking system while maintaining regulatory compliance. Ripple’s strategy extends beyond the banking license, as the company has also applied for a Master Account with the Federal Reserve through its subsidiary Standard Custody, which would provide direct access to the central banking system for holding RLUSD stablecoin reserves.
Currently, Anchorage Digital remains the only cryptocurrency firm holding a national bank charter, making Ripple’s application part of a select group seeking this level of regulatory recognition. The banking license would place Ripple under both federal and state oversight, complementing its existing regulation by the New York Department of Financial Services for its RLUSD stablecoin operations. Garlinghouse emphasized that Federal Reserve access would provide “an additional layer of security to future proof trust in RLUSD,” highlighting the company’s commitment to establishing institutional-grade infrastructure for its digital asset offerings.
Market response to Ripple’s regulatory ambitions has been positive, with XRP gaining over 3% following the announcement to trade at approximately $2.24. The token experienced its strongest momentum shortly after Garlinghouse’s social media post, reaching a 24-hour peak of $2.27 before settling at current levels. This regulatory push reflects a broader industry trend where cryptocurrency companies are proactively seeking traditional banking relationships and regulatory approval to bridge the gap between digital assets and mainstream financial services, particularly as Congress works toward establishing clearer regulatory frameworks for the sector.
