Ripple Applies for US Banking License, Seeks Fed Master Account

  • Ripple Labs is seeking a national banking license in the United States from the Office of the Comptroller of the Currency (OCC).
  • If approved, Ripple would be directly regulated at the federal and state level, adding to its oversight by the New York Department of Financial Services for its RLUSD stablecoin.
  • The move follows Circle’s recent application to the OCC as crypto companies prepare for new stablecoin rules under the GENIUS Act.
  • Ripple has also applied for a Master Account with the Federal Reserve to hold stablecoin reserves directly at the central bank.
  • The price of XRP, Ripple’s native token, rose by over 3% following the news of the bank charter application.

Ripple Labs has applied for a national banking license in the United States, aiming to gain approval from the Office of the Comptroller of the Currency (OCC). The application is part of the firm’s strategy to strengthen its position as a regulated entity within the traditional financial landscape.

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Brad Garlinghouse, Ripple’s CEO, confirmed on X that the company is seeking the license. He said Ripple is “applying for a national bank charter from the OCC.” If granted, the license would put the company under both state and federal regulations, building on existing oversight from the New York Department of Financial Services for its RLUSD stablecoin.

Garlinghouse stated, “This access would allow us to hold $RLUSD reserves directly with the Fed and provide an additional layer of security to future proof trust in RLUSD.” The statement follows a similar move by Circle Internet Group, which also recently applied to the OCC to oversee its stablecoin reserves.

Both companies’ applications come as the U.S. Senate passed the GENIUS Act, a bill providing new standards for stablecoins—cryptocurrencies tied to the U.S. dollar—and putting the OCC in charge of regulating major issuers.

Currently, Anchorage Digital is the only crypto firm with a national bank charter in the U.S. In addition to its OCC application, Ripple is seeking a Master Account with the Federal Reserve through Standard Custody, a crypto custody firm it acquired in February 2024. This account would let Ripple hold its RLUSD reserves directly at the central bank.

The price of XRP increased by 3.2% to $2.24 after the news, reaching a peak of $2.27, according to CoinGecko. The rise occurred around the time of Garlinghouse’s announcement before a slight decline.

For more details, see Garlinghouse’s official statement on X and The Wall Street Journal’s coverage here.

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