Ripple is seeking to become a regulated national bank in the United States, following a similar move by Circle, as crypto firms prepare to comply with tougher stablecoin laws.
CEO Brad Garlinghouse confirmed that the company has applied for a national bank charter with the Office of the Comptroller of the Currency (OCC), a move that would place Ripple under both federal and state oversight.
This comes just days after Circle filed its own application with the OCC to launch a national trust bank for managing USDC reserves.
Garlinghouse announced the application in a post on X, writing:
“True to our long-standing compliance roots, Ripple is applying for a national bank charter from the OCC.”
He added that approval would serve as a “new (and unique!) benchmark for trust in the stablecoin market,” particularly for the company’s dollar-pegged Ripple USD (RLUSD).
Ripple launched RLUSD in December 2024 after securing approval from the New York Department of Financial Services (NYDFS).
The stablecoin, however, has yet to break into the upper tier of the market.
RLUSD currently holds a market cap of around $469 million and a daily trading volume of nearly $36 million, far behind rivals like Tether’s USDT ($158 billion) and Circle’s USDC ($61.7 billion).
Source: CoinMarketCap
If granted, the OCC license would mean RLUSD would fall under dual regulatory regimes — NYDFS at the state level and the OCC federally — something Ripple sees as a competitive advantage in a post-GENIUS Act landscape.
The timing of Ripple and Circle’s applications comes on the heels of a new regulatory bill known as the GENIUS Act, recently passed by the US Senate.
The bill sets new standards for stablecoin issuers, including a requirement that large players come under the OCC’s watch.
In its official statement, Circle CEO Jeremy Allaire described the company’s move as a “proactive step” to align with expected US rules for dollar-backed payment stablecoins.
Circle aims to set up the First National Digital Currency Bank, which would hold USDC reserves but not accept cash deposits or offer loans.
Beyond the OCC application, Ripple is also pursuing a Master Account with the Federal Reserve.
Garlinghouse revealed that the application was submitted through Standard Custody, a crypto custody firm Ripple acquired in February 2024.
Approval would allow Ripple to hold RLUSD reserves directly with the Federal Reserve, a move Garlinghouse said would “provide an additional layer of security to future proof trust in RLUSD.”
At least 14 million RLUSD tokens were minted at the RLUSD Treasury earlier this week, according to blockchain data.
Anchorage Digital remains the only crypto-native company to have successfully obtained a national trust bank charter from the OCC, a distinction it earned in 2021.
Ripple and Circle now await the regulator’s decision, hoping to follow Anchorage’s path to official recognition.
Ripple’s move comes as other players in crypto and tech are also making a play for the US banking sector.
According to the Financial Times, tech entrepreneurs Palmer Luckey, Joe Lonsdale, and Peter Thiel are planning to launch Erebor, a new US bank designed to serve crypto and startup clients.
The group reportedly applied for a national banking license as well, with ambitions to fill the void left by Silicon Valley Bank’s collapse in 2023.
Coinlive believes Ripple’s attempt to become a regulated bank is bold, but far from a guaranteed win.
RLUSD has struggled to gain traction in a market dominated by USDT and USDC, and the stablecoin’s current numbers reflect that reality.
A bank charter might boost trust — but it won’t automatically bring adoption.
For a firm that’s spent years fighting regulators, Ripple is now betting everything on joining them.
The real test?
Whether regulation alone is enough to make RLUSD relevant.
Speaking at a CNBC interview, Ripple CEO Brad Garlinghouse speculated that the stablecoin market would explore to nearly tenfold within the next few years.
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