According to reports from The Wall Street Journal, blockchain payment leader Ripple has officially submitted an application to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter. If approved, Ripple would become a federally recognized financial institution operating across state lines. Following the news, XRP saw an increase of over 3%.
In addition to operating its own blockchain XRP Ledger, Ripple has also issued the stablecoin RLUSD, which has a market value of $440 million and is regulated by the New York State Department of Financial Services (NYDFS). At the same time, Ripple also provides digital asset custody services. If this application is approved, Ripple will be able to expand its range of cryptocurrency services and operate across state lines under federal regulation.
So far, Anchorage Digital is the only digital asset company in the U.S. to hold a federal trust bank charter; the second-largest stablecoin USDC issuer Circle also applied to the OCC earlier this week to establish a federal trust bank.
Ripple CEO Brad Garlinghouse stated on social media platform X: "If approved, Ripple will be subject to both NYDFS and federal regulation, potentially establishing a new and unique benchmark for trust in the stablecoin market."
True to our long-standing compliance roots, @Ripple is applying for a national bank charter from the OCC. If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market.
Earlier in the week via… https://t.co/IdiR7x3eWZ
— Brad Garlinghouse (@bgarlinghouse) July 2, 2025
Brad Garlinghouse also revealed that Ripple has recently applied to the Federal Reserve (Fed) for a "Master Account" through its trust and custody company Standard Custody, which it acquired last year.
Once the master account is obtained, Ripple will be able to directly hold reserve assets (like US Treasuries) at the central bank for RLUSD, adding an additional layer of transparency and security for the stablecoin.
In the past, several cryptocurrency companies have attempted to apply for a Fed master account and have not succeeded, indicating that if Ripple's attempt is successful, it would be a significant breakthrough for the cryptocurrency industry.
"XRP surged over 3%! Ripple applies for U.S. trust bank charter, Fed master account" was first published on (Blockcast).
