🏦 EXCLUSIVE - Ripple Advances with National Trust Bank and Stablecoin RLUSD in Proposal to the OCC
Ripple has taken a strategic step to consolidate its presence in the traditional financial sector by announcing Volume 1 of its banking charter application to the OCC (Office of the Comptroller of the Currency).
The document proposes the creation of the Ripple National Trust Bank, a fiduciary institution based in New York and controlled by Ripple Labs.
Unlike a conventional bank, the new entity will not accept deposits or issue loans, but will operate on a B2B model, offering custody services, tokenization infrastructure, and management of the stablecoin RLUSD.
CEO Brad Garlinghouse stated that the establishment of the bank aims to set a new standard of trust in the stablecoin market, combining federal and state oversight.
Notably, the document avoids mentioning XRP, in a possible attempt to evade legal implications, although future integration is not ruled out.
The application also mentions a confidential plan for stock options for executives and insiders, which may indicate preparation for a future initial public offering (IPO).
The governance of the new institution will be formed by a board of five heavyweight experts, including Stuart Alderoty (Chief Legal Officer of Ripple) and Timothy Keaney (former vice president of BNY Mellon), reinforcing the commitment to regulation and operational excellence.