Ripple Seeks U.S. Bank License to Boost RLUSD Stablecoin Oversight

• Ripple’s RLUSD stablecoin could gain direct federal regulatory supervision.
• A national charter allows Ripple to operate across all U.S. states.

Ripple has formally applied for a national banking license from the U.S. Office of the Comptroller of the Currency (OCC). The move reflects Ripple’s intent to integrate more deeply into the regulated financial system. A national charter would enable the firm to operate across state lines under federal oversight. Ripple’s dollar-backed stablecoin, RLUSD, would also fall under stricter supervision.

RLUSD Moves Toward Federal Oversight

RLUSD, Ripple’s stablecoin introduced in December 2024, currently holds a market cap of approximately $440 million. It is regulated by the New York Department of Financial Services (NYDFS). With a national banking license, Ripple aims to move oversight from a state level to direct federal regulation.

Ripple CEO Brad Garlinghouse stated on social media that the company is committed to regulatory compliance. He emphasized that dual oversight from state and federal authorities would help position RLUSD as a model for transparency. 

According to Garlinghouse, this approach could build broader institutional trust and establish a new standard for the stablecoin sector.

In addition to the OCC application, Ripple, via its subsidiary Standard Custody, has also applied for a Federal Reserve Master Account. If approved, this would allow Ripple to custody RLUSD reserves directly with the Fed, a move designed to enhance reserve security and reinforce market trust.

Crypto Firms Seek National Licensing

Ripple’s move mirrors similar efforts by other crypto firms, including Circle, Paxos, and Coinbase, which are also pursuing federal licensing. This trend signals growing alignment between crypto firms and the traditional financial regulatory framework in the U.S.

Currently, Anchorage Digital remains the only cryptocurrency company to have received a national bank charter. The application process is rigorous, with extensive compliance, capital, and risk management standards required by the OCC.

If approved, Ripple’s bank charter would allow it to offer more integrated financial services, including custody, payments, and asset management across state lines. The company views this strategy as essential to positioning RLUSD and its broader infrastructure for long-term viability within the U.S. financial system.

Garlinghouse noted that Ripple’s focus remains on building secure and regulated solutions in the digital asset market, especially as the stablecoin space exceeds $250 billion in value.