Ripple has applied for a national banking license to operate under federal regulations and expand its regulatory footprint in the United States.
The company’s stablecoin RLUSD has reached a $440 million market cap, with continued growth supported by new token minting activity.
Ripple aims to join firms like Circle and Coinbase in pursuing traditional banking status to align more closely with financial institutions.
Enterprise blockchain firm Ripple has officially applied for a national banking license to the U.S. Office of the Comptroller of the Currency (OCC), according to a Wednesday report from the Wall Street Journal. This move indicates Ripple’s intent to operate under federal banking regulations as it expands deeper into mainstream financial services.
The company, based in San Francisco, recently launched its Ripple USD (RLUSD) stablecoin. Since its rollout in December, the stablecoin has amassed a market capitalization of $440 million, as confirmed in its most recent attestation report. Earlier today, an additional 14 million RLUSD tokens were minted by the RLUSD Treasury, further underscoring increasing market activity.
New York State approval has already been secured
Before its launch, RLUSD received regulatory approval from the New York Department of Financial Services (NYDFS), allowing the company to operate under state-level oversight. Ripple's application for a federal banking license would place the firm under dual regulation, increasing its institutional credibility and operational scope.
Ripple is not alone in seeking federal banking authority. Circle, a major competitor, submitted its application for a National Trust Bank charter in June. Other crypto firms such as Coinbase and Paxos are reportedly exploring similar strategies. These moves reflect a broader industry trend toward aligning with traditional banking systems.
Ripple aims to align with traditional finance
Ripple CEO Brad Garlinghouse referred to the federal licensing step as a "unique benchmark" for the company. By obtaining the license, Ripple could provide banking services directly and build new partnerships with traditional financial institutions. This may also provide enhanced regulatory clarity and access to broader financial infrastructure.
Currently, Anchorage Digital is the only cryptocurrency firm with a national trust bank charter. Ripple’s application could mark a significant development in regulatory acceptance, potentially opening the door for further banking integrations within the crypto sector.
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