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 @StandardCustody, we also applied for a Fed Master account -- while Congress is working towards clear rules and regulations, and banks (in a far cry from the years of Operation Chokepoint 2.0) are leaning in, 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. Ripple always has and will continue to build trusted, battle-tested and secure infrastructure. In a 250B+ market, RLUSD stands out for putting regulation first, setting the standard that institutions expect.