Ripple requests a banking license in the US to strengthen its stablecoin RLUSD
Ripple wants to become a bank. Since the adoption of the GENIUS Act by the US Senate, stablecoin issuers are rushing to the Office of the Comptroller of the Currency (OCC) to obtain a banking license, and today it is Ripple Labs' turn to take this step. After Circle submitted its application at the beginning of the week, it is now Brad Garlinghouse's turn to announce the news on social media and explain that this represents a 'new standard of trust' for the stablecoin market.
Ripple wants to obtain a banking license from the OCC...
The GENIUS Act adopted by the US Senate last Monday provides, among other things, that the Office of the Comptroller of the Currency (OCC) is responsible for overseeing stablecoin issuers and that they must obtain a banking license to continue their operations. It is in this context that the two main players in the sector have announced their intention to comply with the law and submit an application to the relevant authority.
After Circle and its USDC stablecoin, it is now Ripple Labs and its RLUSD doing the same, as explained by the company's CEO.
