Ripple Applies for US Bank License to Expand Stablecoin RLUSD

Ripple has applied for a US national banking license, expanding its regulatory ambitions as it prepares to scale its RLUSD stablecoin and payment services.

The company submitted its application to the Office of the Comptroller of the Currency (OCC) on Wednesday. If approved, Ripple would gain the authority to operate as a federally regulated bank, bypassing the need for state-by-state money transmitter licenses.

The move places Ripple among a growing group of crypto firms seeking deeper integration with the US financial system.

Earlier this week, Circle—issuer of the USDC stablecoin—filed to become a national trust bank. Fidelity Digital Assets and several others are also pursuing charters. 

These applications reflect an industry-wide push to gain legal clarity and operate under a single national regulatory framework.

The rush comes as Congress moves closer to passing the GENIUS Act, a federal bill that would require stablecoin issuers to hold fully backed reserves and obtain regulatory approval.

If Ripple’s application is approved, the company could self-custody RLUSD reserves and serve as a direct custodian for tokenized assets, including cross-border remittance flows and blockchain-based bonds or securities.

Currently, Anchorage Digital remains the only crypto firm to receive a national trust bank charter, granted during the Biden administration.

Industry analysts view these applications as a signal that crypto is moving beyond its early anti-bank ethos. 

Instead, firms like Ripple and Circle are embracing bank-grade governance to serve institutions and comply with incoming rules.

Ripple’s application marks another step in its post-SEC pivot. The company is increasingly positioning itself as a compliant issuer of digital dollars.

With Circle, Fidelity, and now Ripple lining up for charters, the OCC faces mounting pressure to clarify its stance under incoming Chair Jonathan Gould, who is yet to be confirmed by the Senate.