- Ripple applied for a U.S. banking license and Fed account to place RLUSD under strict oversight.
- The goal is to build trust and offer round-the-clock stablecoin access.
Ripple is taking a bold step to increase trust in its stablecoin, RLUSD. By applying for a U.S. national banking license, Ripple aims to meet high regulatory standards and signal its readiness to operate like a traditional financial institution.
Ripple Targets Full Regulatory Oversight
On July 2, Ripple filed an application with the Office of the Comptroller of the Currency (OCC). If approved, the license would place RLUSD under two layers of regulation—both federal and state. RLUSD is already supervised by the New York Department of Financial Services.
Ripple says this dual oversight will raise the standard for transparency in the stablecoin market. Jack McDonald, Ripple’s senior vice president of stablecoins, said the license would create a new level of trust and compliance.
Ripple Seeks Fed Account for 24/7 Stablecoin Services
Ripple’s efforts didn’t stop there. On June 30, its subsidiary—Standard Custody & Trust Company—applied for a Federal Reserve master account. If approved, Ripple would be able to store RLUSD reserves directly with the Fed.
This account would also allow Ripple to issue and redeem RLUSD at any time—even outside of banking hours. This flexibility could give RLUSD a big advantage in the fast-moving crypto market.
Circle Also Applies for National Trust Charter
Ripple is not alone. Circle, the company behind the USDC stablecoin, filed a similar application. It plans to launch a new entity called First National Digital Currency Bank, N.A.
Circle says the move will help it meet upcoming U.S. regulations. It also hopes to make the U.S. dollar more stable and useful in global digital finance.
Crypto Firms Embrace Regulation
Both Ripple and Circle are moving toward full compliance with U.S. banking laws. These steps show that crypto companies are ready to operate like traditional banks.
If approved, Ripple’s banking license and Fed account could boost trust in RLUSD. It may also open the door for more stablecoins to follow the same path.
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