Ripple has applied for a national banking license as part of cryptocurrency companies' efforts to enter the world of traditional finance, according to a report from The Wall Street Journal.
The company, which manages cross-border payments and a dollar-backed stablecoin called RLUSD, submitted its application on Wednesday to the U.S. Office of the Comptroller of the Currency (OCC).
RLUSD is currently regulated by the New York State Department of Financial Services. If the application is approved, the national charter would place the stablecoin under the oversight of the Office of the Comptroller of the Currency.
Jack McDonald, senior vice president of stablecoins at Ripple, said, "The dual nature of that regulation will lay a new baseline for transparency and compliance in the stablecoin market."
Stablecoins typically maintain a one-to-one exchange ratio with government currencies by holding cash reserves or safe assets like Treasury bills.
Ripple noted that it may consider offering additional cryptocurrency services through its banking license in the future.
$XRP $BTC $BNB #TrumpVsMusk #REX-OSPREYSolanaETF #DYMBinanceHODL #OneBigBeautifulBill #StrategyBTCPurchase
The company, which manages cross-border payments and a dollar-backed stablecoin called RLUSD, submitted its application on Wednesday to the U.S. Office of the Comptroller of the Currency (OCC).
RLUSD is currently regulated by the New York State Department of Financial Services. If the application is approved, the national charter would place the stablecoin under the oversight of the Office of the Comptroller of the Currency.
Jack McDonald, senior vice president of stablecoins at Ripple, said, "The dual nature of that regulation will lay a new baseline for transparency and compliance in the stablecoin market."
Stablecoins typically maintain a one-to-one exchange ratio with government currencies by holding cash reserves or safe assets like Treasury bills.
Ripple noted that it may consider offering additional cryptocurrency services through its banking license in the future.
$XRP $BTC $BNB #TrumpVsMusk #REX-OSPREYSolanaETF #DYMBinanceHODL #OneBigBeautifulBill #StrategyBTCPurchase
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