Ripple Labs, the company behind the XRP cryptocurrency, has officially applied for a national banking license with the U.S. Office of the Comptroller of the Currency (OCC), marking a significant move to integrate more deeply into the traditional financial system. This application, filed on July 2, 2025, positions Ripple alongside other crypto firms like Circle, which recently sought similar federal charters, reflecting a growing trend among stablecoin issuers aiming for federal oversight amid evolving U.S. crypto regulations.
If approved, Ripple would operate under dual regulatory oversight—both federal through the OCC and state via the New York Department of Financial Services, which already regulates Ripple’s RLUSD stablecoin. This unique regulatory framework is expected to set a new standard for transparency and compliance in the stablecoin market, according to Jack McDonald, Ripple’s senior vice president of stablecoins.
In addition to the banking license, Ripple’s subsidiary, Standard Custody & Trust Company, has applied for a Federal Reserve master account. This would enable Ripple to hold stablecoin reserves directly with the Fed, enhancing security and allowing the company to issue and redeem stablecoins beyond normal banking hours. Ripple CEO Brad Garlinghouse emphasized that this move would bolster trust in RLUSD and expand Ripple’s ability to offer a range of crypto and traditional banking services across state lines under federal regulation.
The announcement has been positively received by the XRP community, with the cryptocurrency’s price rising nearly 4% following the news. This strategic push comes amid increasing regulatory scrutiny of digital asset firms and a political climate more favorable to crypto integration, potentially paving the way for Ripple to become a federally regulated bank and a major player in the evolving financial ecosystem.
