Significant Ripple Update: The Company Pursues a US Bank Charter to Strengthen Confidence in its RLUSD Stablecoin

Ripple Labs has announced plans to seek a national banking license from the Office of the Comptroller of the Currency (OCC) in an effort to bolster trust in its RLUSD stablecoin. If approved, Ripple would fall under dual regulation from the New York Department of Financial Services and federal oversight - a unique situation that CEO Brad Garlinghouse believes would set a new trust benchmark in the stablecoin market.

Ripple has also applied for a Master Account with the Federal Reserve, allowing it to hold RLUSD reserves directly with the Fed, adding an extra layer of security. This follows a similar move by Circle, the issuer of USDC, which has applied to the OCC to create the First National Digital Currency Bank.