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Ripple is aiming high—real high. They just applied for a national banking license from the U.S. Office of the Comptroller of the Currency (OCC). That’s right, Ripple wants to become a bank.
CEO Brad Garlinghouse says it’s all about trust. With this license, Ripple would get both state-level and federal oversight. That’s a big flex in the crypto world.
Ripple already has its stablecoin, RLUSD, under New York’s financial watchdog. But with federal approval, they’d level up—tighter rules, but more transparency and credibility.
Jack McDonald, who runs the stablecoin side of Ripple, thinks this move would set a new gold standard for trust and compliance in crypto.
Wait, there’s more. Ripple’s custody firm is also applying for a Federal Reserve master account. This would let them store RLUSD dollars right with the Fed. Fancy, huh?
The goal? Make crypto boring to regulators (in a good way). And secure. And legit.
Other crypto firms like Circle, BitGo, Paxos, and Coinbase are in the same race. Even Circle just applied for a similar banking charter this week.
Why all the bank talk? After FTX went kaboom and banks like Silvergate ghosted crypto, things got dicey. But now, with President Trump back and talking up Bitcoin, the tide’s turning.
Some firms want full bank licenses. Others are happy with limited ones just to issue stablecoins. BitGo might be next—they’re already handling Trump-backed stablecoin USD1.
So far, only Anchorage Digital has scored a federal bank charter. And it wasn’t easy. But Ripple’s clearly ready to play hardball.
Footnotes:
OCC: U.S. regulator for national banks.
RLUSD: Ripple’s stablecoin, tied to the U.S. dollar.
Federal Reserve master account: Allows banks to hold money directly with the U.S. central bank.
