Ripple has applied for a national bank charter with the OCC to support its RLUSD stablecoin and payment infrastructure, joining Circle and other crypto firms seeking federal licenses.
Author: Tanishq Bodh
July 3, 2025 – Ripple has submitted an application to the Office of the Comptroller of the Currency (OCC) to become a federally regulated bank. The company confirmed the move on July 2, 2025, as part of its strategy to scale its RLUSD stablecoin and expand payment operations across the U.S. financial system.
If approved, Ripple would gain the authority to operate as a national bank. This would eliminate the need for separate money transmitter licenses across all 50 states and enable the firm to custody tokenized assets under a unified federal framework.
Ripple also disclosed that its affiliate, Standard Custody & Trust Company, has applied for a Federal Reserve master account. That would allow RLUSD reserves to be held directly at the central bank—reducing reliance on commercial banks and improving settlement speed.
Ripple is not alone in this effort. Multiple crypto firms, including Circle, have submitted similar applications in recent weeks. The surge reflects a broader shift: crypto companies are moving away from the industry’s early anti-bank culture and toward regulated, institution-ready infrastructure.
This trend is accelerating as Congress nears passage of the GENIUS Act. The bill could offer regulatory clarity for stablecoin issuers operating under national charters—making bank-level oversight more valuable than ever.
Anchorage Digital remains the only crypto firm to hold a national trust bank charter, awarded under the Biden administration. If Ripple succeeds, it would mark one of the first full national bank charters granted to a crypto-native company.
Ripple’s main target is RLUSD, a U.S. dollar-pegged stablecoin launched in late 2024. With a market cap nearing $470 million, RLUSD is designed for remittances, tokenized assets, and payment rails across borders. A bank license would allow Ripple to self-custody these reserves and issue directly, rather than working through intermediaries.
The company has already secured over 50 money transmitter licenses across the U.S., but a national charter would streamline compliance and unlock broader banking capabilities. It would also position Ripple to directly support tokenized bonds, securities, and high-volume payment flows.
These banking license applications arrive at a moment of change inside the OCC. The agency is awaiting Senate confirmation of its new chair, Jonathan Gould, and is under increasing pressure to define its crypto policy going forward.
Industry analysts say the flood of charter applications could force the OCC to act soon. With Ripple, Circle, and Fidelity all seeking federal status, the regulator will need to clarify whether crypto-native firms can become full banking entities.
Following Ripple’s announcement, XRP climbed roughly 3–4%, reflecting investor confidence in the move. On social media, the crypto community welcomed the news, describing it as a sign that Ripple is preparing for large-scale institutional adoption.
Still, approval is far from guaranteed. Bank charters typically involve months of review, and regulators may be cautious after past collapses in the space. Yet Ripple’s pursuit of both a bank license and Fed account suggests it’s serious about long-term regulatory alignment.
Ripple’s application to the OCC represents a pivotal moment—not just for the company, but for the broader crypto sector. As stablecoins become more central to global finance, the firms that issue and manage them are now racing to obtain national banking licenses. For Ripple, federal oversight could be the key to legitimizing RLUSD and reshaping cross-border payments at scale.
Ripple’s Senior Advisor, Dr. Stuart Haber, is one of the original cryptographers cited in Satoshi Nakamoto’s Bitcoin whitepaper. He now advises Ripple on blockchain governance and compliance frameworks.
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