Ripple Applies for U.S. Banking License, Following Circle in Push for Regulatory Legitimacy
Ripple Labs is stepping up its efforts to integrate with traditional finance, confirming its application for a national banking license from the U.S. Office of the Comptroller of the Currency (OCC). CEO Brad Garlinghouse announced the move on Wednesday via X (formerly Twitter), positioning the application as a major milestone in regulatory trust for the crypto sector.
“True to our long-standing compliance roots, Ripple is applying for a national bank charter from the OCC,” Garlinghouse wrote.
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
If granted, the license would bring federal and state regulatory oversight to Ripple’s operations, including its Ripple USD (RLUSD) stablecoin — which is already supervised by the New York Department of Financial Services (NYDFS).
Ripple Follows Circle in Banking Ambitions
Ripple’s move comes just days after Circle, the issuer of the USDC stablecoin, announced its own plans to establish a national trust bank under OCC supervision. These efforts signal a growing trend among leading crypto firms to embrace full federal regulation amid shifting policy dynamics in Washington.
The timing also aligns with legislative momentum: the U.S. Senate recently passed the GENIUS Act, a bill designed to regulate payment stablecoins, which places larger issuers like Ripple and Circle under the OCC’s jurisdiction.
Circle CEO Jeremy Allaire noted that their application represents “proactive steps” to align with evolving U.S. laws and reinforce investor trust in stablecoins.
At present, Anchorage Digital remains the only crypto firm to hold a national bank charter, granted in 2021.
Ripple Seeks Fed Master Account Access
In addition to the banking license, Garlinghouse revealed that Ripple has also applied for a Master Account with the Federal Reserve. This would allow the company to hold RLUSD reserves directly with the Fed, enhancing stability and security for its stablecoin.
The application for Fed access was made through Standard Custody, a crypto custody firm Ripple acquired in February 2024.
“This access would allow us to hold RLUSD reserves directly with the Fed and provide an additional layer of security to future-proof trust,” said Garlinghouse.
He also suggested that the regulatory landscape in the U.S. is finally turning a corner, contrasting it with the restrictive sentiment during the “Operation Chokepoint 2.0” era, when crypto firms faced systemic banking obstacles.
XRP Price Reacts to Ripple’s Banking News
The market responded positively to Ripple’s announcement. XRP, the native token of the XRP Ledger used in many of Ripple’s products, jumped over 3% to $2.24, according to CoinGecko data. It peaked at $2.27 following the news before slightly retreating.
As Ripple pushes forward with regulatory engagement, its dual application — for both an OCC charter and Federal Reserve access — marks one of the most aggressive efforts yet by a crypto firm to embed itself into the core infrastructure of the U.S. financial system.
