The cryptocurrency company Ripple Labs is applying for a U.S. banking license, following a similar move by stablecoin issuer Circle Internet Group. The cryptocurrency company is seeking regulatory acceptance to deepen its ties with traditional finance.
Ripple CEO Brad Garlinghouse wrote on the X platform on Wednesday that the company is applying for a license from the Office of the Comptroller of the Currency (OCC), confirming earlier reports from The Wall Street Journal.
"In keeping with our long-standing compliance tradition, Ripple is applying for a national bank charter from the OCC," he wrote.
Garlinghouse stated that if the license is approved, it would become a "new (and unique) benchmark of trust in the stablecoin market," as the company would be subject to federal and state government regulation—New York's Department of Financial Services is already overseeing its Ripple USD (RLUSD) stablecoin.
The decision for Ripple to apply for a banking license came two days after Circle. Circle, the issuer of the second-largest stablecoin USDC, has applied to the OCC to create a national trust bank to oversee its stablecoin reserves.
The initiatives from both companies come as the U.S. Senate passed a stablecoin regulatory bill called the GENIUS Act, which sets standards for tokens pegged to the dollar, including that the OCC will regulate larger stablecoin issuers.
Circle co-founder and CEO Jeremy Allaire stated that the company is taking "proactive measures" to "align with the emerging regulatory framework for dollar-pegged payment stablecoin issuance and operation in the U.S."
Anchorage Digital is the only cryptocurrency company that holds a national banking license.
Ripple's Garlinghouse added that the company has also applied for a Federal Reserve master account, which would allow it to access the U.S. central banking system.
"This access would allow us to hold RLUSD reserves directly at the Federal Reserve and provide additional security for the trust in RLUSD," Garlinghouse said.
"Congress is working to establish clear rules and regulations, and banks (which are very different from the Operation Chokepoint 2.0 era) are actively engaged," he added, referencing conspiracy theories about the Biden administration's attempts to sever ties between cryptocurrency and the financial system.
Ripple applied for the account through Standard Custody, a cryptocurrency custody company it acquired in February 2024.
According to CoinGecko data, the token XRP on the XRP Ledger blockchain—used by Ripple Labs for its products—rose 3.2% in the past day, trading at $2.24.
The token began to climb later on Wednesday, reaching a 24-hour peak of $2.27 when Garlinghouse posted, before slightly retreating from the gains.
Related: Reports indicate that billionaires like Peter Thiel plan to launch a crypto-friendly bank, Erebor, to fill the void in Silicon Valley.
Original article: “Ripple Applies for U.S. Banking License, Joining the Crypto Compliance Wave”
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