Ripple ($XRP ) continues to make significant progress. At this stage, Ripple has applied for a national bank charter in the United States, following a similar move by stablecoin giant "Circle."
While this step was considered a major development for Ripple $XRP , Fox Business correspondent Eleanor Terit drew attention to an even more significant development.
Eleanor Terit stated that #ريبل also applied for a main account at the Federal Reserve through "Standard Custody," the cryptocurrency custody company she acquired last year, which is a much larger deal.
Terit confirmed that obtaining a main account at the Federal Reserve is more important than acquiring a banking license in terms of access, as the main account at the Federal Reserve provides direct access to the payments system, which is a significant step compared to a charter from the Office of the Comptroller of the Currency.
Terit noted that the Federal Reserve has historically denied such access to cryptocurrency companies, adding that a decision on this matter is expected in the ongoing case between Custodia Bank and the Federal Reserve.
In terms of access, granting a main account at the Federal Reserve is critical compared to granting a license from the Office of the Comptroller of the Currency (OCC).
One of the bank lawyers described the matter as follows: "In terms of levels, the main account is diamond, the bank is platinum, trust companies are gold, and money transfer licenses are silver."
The Federal Reserve has long resisted granting cryptocurrency companies direct access to the payment system. It is currently defending this position in a lawsuit regarding deposit institutions' access to core accounts (Custodia Bank - F,ED), and a decision is expected any time now.
If Ripple's application $XRP
for a main account at the Federal Reserve is accepted, it will be able to access the Federal Reserve's payment infrastructure, allowing it to hold its reserves of #RLUSD stablecoin directly with the central bank.
In addition to applying for a trust charter from the Office of the Comptroller of the Currency, Ripple also applied for a main account at the Federal Reserve through the credit company it acquired last year - Standard Custody - which it mentioned on Monday (see below - although I admit I missed the link #Ripple 😬).