Nikolas Sargeant
Ripple Labs has officially applied for a US banking license with the Office of the Comptroller of the Currency (OCC), marking another significant step in the cryptocurrency industry's push toward traditional financial legitimacy. CEO Brad Garlinghouse announced the application on Wednesday, emphasizing the company's commitment to compliance and regulatory oversight. The move comes as crypto firms increasingly seek formal recognition within the established banking framework to enhance trust and operational capabilities, following recent legal victories against the SEC that have strengthened Ripple's regulatory position.
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.
— Brad Garlinghouse (@bgarlinghouse) July 2, 2025
Earlier in the week via… https://t.co/IdiR7x3eWZ
The application follows Circle's recent bid for a national trust bank charter just two days earlier, highlighting a broader trend among major crypto companies to align with emerging US regulations. Both firms are responding to new legislative developments, including the recently passed GENIUS Act, which establishes standards for stablecoin operations and designates the OCC as the primary overseer for larger stablecoin issuers. This regulatory clarity is driving companies to proactively seek proper licensing rather than operate in uncertain legal territory.
Beyond the banking license, Ripple has also applied for a Master Account with the Federal Reserve, which would grant direct access to the US central banking system. This access would allow the company to hold reserves for its RLUSD stablecoin directly with the Fed, providing additional security layers and bolstering market confidence. Garlinghouse noted that such federal oversight would create a unique benchmark for trust in the stablecoin market, building upon existing regulatory approval from the New York Department of Financial Services and recent regulatory approval in Dubai.
The market responded positively to Ripple's regulatory moves, with XRP gaining over 3% following the announcement to trade at $2.24. The token's price surge reflects investor confidence in Ripple's strategic positioning within the evolving regulatory landscape. As traditional banks increasingly embrace crypto partnerships and Congress works toward clearer regulations, Ripple's proactive compliance approach positions the company advantageously in the competitive stablecoin market alongside established players like Circle's USDC.
