Ripple takes the first step to becoming a bank

If it achieves its goal, Ripple's stablecoin, RLUSD, would be under direct supervision of the OCC.

In the future, Ripple could expand its cryptocurrency services from its banking structure.

The Trump era brought favorable regulations for the cryptocurrency industry.

Ripple, the issuer of the cryptocurrencies XRP and Ripple USD (RLUSD), submitted an application to obtain a national banking license in the United States.

If approved, it would place its dollar-backed stablecoin RLUSD under the direct supervision of the Office of the Comptroller of the Currency (OCC), the agency that regulates national banks.

Currently, RLUSD operates under state regulation, specifically supervised by the New York Department of Financial Services. If the application is approved, the OCC would become its new primary regulator.

In addition to the banking license request, a subsidiary of Ripple, Standard Custody Trust Company, applied for a master account at the Federal Reserve. If granted, this account would allow Ripple to directly custody its reserves at the Central Bank and issue or redeem stablecoins outside of regular banking hours, something key for the continuous operation of these digital assets.