🚨 Ripple takes a key step towards traditional banking 🚨
Today, I was very interested in this movement by Ripple: the company has officially applied for a national banking license in the U.S. with the Office of the Comptroller of the Currency. Additionally, they have requested a Master Account from the Federal Reserve through their subsidiary Standard Custody. This would allow Ripple to directly custody the reserves of their stablecoin RLUSD with the Fed. 🔒💵
The CEO, Brad Garlinghouse, stated that this dual oversight (state and federal) would set a new standard of trust in the stablecoin market. RLUSD is already regulated in New York, but this would take it to another level.
How did the market respond? 💹 $XRP rose over 3%, nearing $2.28. All of this fits with new regulations like the GENIUS Act, which requires stablecoin issuers to meet federal standards.
This move, similar to what Circle did, positions Ripple as a future federally regulated financial institution, with expanded crypto custody services. 🔍
🧠 In my opinion, this step by Ripple is key to consolidating the relationship between the crypto world and the traditional financial system. It could change the rules of the game for all stablecoins.
