Ripple Pursues US Banking License to Redefine Stablecoin Rules

* Ripple submitted an application for a federal banking license through the U.S. Office of the Comptroller of the Currency (OCC). * Approval would place Ripple’s RLUSD stablecoin under both federal and state oversight, establishing a new standard for trust in stablecoins. Ripple took a significant regulatory step by applying to the OCC for a national banking license. On July 2, 2025, The Block reported that this move aims to enhance oversight for the RLUSD stablecoin. Currently, the New York Department of Financial Services (NYDFS) regulates the stablecoin at the state level. Federal approval would make RLUSD the first stablecoin to operate under both state and federal regulatory frameworks. In a statement on X on July 2, Ripple CEO Brad Garlinghouse said the dual oversight model would establish “a new (and unique!) benchmark for trust in the stablecoin market.” This application reflects a broader strategy among cryptocurrency firms, as many seek federal banking charters to expand their operational scope and gain further legitimacy in the financial sector. Ripple indicated it plans to use the OCC charter for more than just RLUSD oversight and intends to offer additional crypto services under the license. In a parallel move, Ripple's subsidiary, Standard Custody & Trust Company, applied for a Federal Reserve master account, which would allow Ripple to store RLUSD reserves directly at the central bank. This development mirrors another major application from earlier this week, in which prominent cryptocurrency firm Circle Internet Group also filed for a national banking license. The license would provide broader custody capabilities for its USDC reserves and support institutional asset management services. These applications arrive during a more accommodating regulatory environment, as the OCC recently authorized national banks to facilitate digital asset transactions, signaling a shift toward more favorable oversight for the crypto industry. According to market data on July 2, XRP (XRP) was trading at $2.246 as of 18:15 UTC, with its 24-hour trading volume up 2.727%. Meanwhile, Ripple USD (RLUSD) was valued at $1, and as of 18:16 UTC, its 24-hour trading volume had gained 0.114%.