CeciliaMansilla
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Ripple takes the first step to become a bank
If successful, Ripple's stablecoin, RLUSD, would come under the direct supervision of the OCC.
Ripple, the company that issues the cryptocurrencies XRP and Ripple USD (RLUSD), has submitted an application to obtain a national banking license in the United States.
If approved, it would place its dollar-backed stablecoin RLUSD under the direct supervision of the Office of the Comptroller of the Currency (OCC), the agency that regulates national banks.
Currently, RLUSD operates under state regulation, specifically supervised by the New York Department of Financial Services. If the application is approved, the OCC would become its new primary regulator.
In addition to the banking license request, a subsidiary of Ripple —Standard Custody & Trust Company— has applied for a master account at the Federal Reserve. If granted, this account would allow Ripple to directly custody its reserves at the Central Bank and issue or redeem stablecoins outside of regular banking hours, which is key for the continuous operation of these digital assets.
Ripple has also hinted —according to sources consulted by the Wall Street Journal— that, in the future, it could expand its cryptocurrency service offerings from its banking structure if the license is approved.
As CriptoNoticias has reported, with the arrival of Donald Trump to the presidency of the United States, the regulatory environment has become more friendly towards the cryptocurrency industry, and many companies are encouraged to move forward with new projects without fear of retaliation.
#DYMBinanceHODL
If successful, Ripple's stablecoin, RLUSD, would come under the direct supervision of the OCC.
Ripple, the company that issues the cryptocurrencies XRP and Ripple USD (RLUSD), has submitted an application to obtain a national banking license in the United States.
If approved, it would place its dollar-backed stablecoin RLUSD under the direct supervision of the Office of the Comptroller of the Currency (OCC), the agency that regulates national banks.
Currently, RLUSD operates under state regulation, specifically supervised by the New York Department of Financial Services. If the application is approved, the OCC would become its new primary regulator.
In addition to the banking license request, a subsidiary of Ripple —Standard Custody & Trust Company— has applied for a master account at the Federal Reserve. If granted, this account would allow Ripple to directly custody its reserves at the Central Bank and issue or redeem stablecoins outside of regular banking hours, which is key for the continuous operation of these digital assets.
Ripple has also hinted —according to sources consulted by the Wall Street Journal— that, in the future, it could expand its cryptocurrency service offerings from its banking structure if the license is approved.
As CriptoNoticias has reported, with the arrival of Donald Trump to the presidency of the United States, the regulatory environment has become more friendly towards the cryptocurrency industry, and many companies are encouraged to move forward with new projects without fear of retaliation.
#DYMBinanceHODL
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