If it achieves its goal, Ripple's stablecoin, RLUSD, will be under the direct supervision of the OCC.
In the future, Ripple may expand its cryptocurrency services from its banking structure.
The Trump era brought favorable regulations for the cryptocurrency industry.
Ripple, the issuer of the cryptocurrency XRP and Ripple USD (RLUSD), has applied for a national banking license in the United States.
If approved, it will subject its dollar-backed stablecoin RLUSD to the direct oversight of the Office of the Comptroller of the Currency (OCC), the agency that regulates national banks.
Currently, RLUSD operates under state regulation, specifically under the supervision of the New York Department of Financial Services. If the application is approved, OCC will become its new primary regulator.
In addition to the banking license application, Ripple's subsidiary Standard Custody Trust Company has applied to open a master account at the Federal Reserve. If granted, this account will allow Ripple to directly hold its reserves at the Central Bank and issue or exchange stablecoins outside the normal banking schedule, which is key to the continuous operation of these digital assets.
