Ripple Files for National Bank License to Expand Federal Oversight

Highlights:

• Ripple filed for a federal charter to bring RLUSD under both state and federal stablecoin supervision.
• Circle also applied to the OCC as stablecoin firms prepare for new rules under the GENIUS Act.
• Ripple’s custody arm applied for a Fed master account to hold RLUSD reserves and improve security.

Ripple has applied with the U.S. Office of the Comptroller of the Currency. The firm wants to bring its stablecoin under both state and federal oversight. Ripple CEO Brad Garlinghouse confirmed the filing in a post on the social platform X. He said the firm continues to follow its long-standing approach to compliance.

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… https://t.co/IdiR7x3eWZ

— Brad Garlinghouse (@bgarlinghouse) July 2, 2025

The stablecoin by Ripple, RLUSD, is already regulated by the New York Department of Financial Services. The submission to the OCC employs a second level of monitoring. According to Garlinghouse, the move raises a new bar in terms of stablecoin trust and transparency. CoinMarketCap data shows that RLUSD has a market value of $469 million. The stablecoin is backed by cash and short-term U.S. Treasurys.

The firm launched RLUSD last year, and it aims to stay ahead of expected policy changes. Lawmakers in Washington are pushing new legislation that targets stablecoin operations. The GENIUS Act was recently passed in the Senate and outlines new requirements for dollar-backed tokens. It gives the OCC authority to oversee large stablecoin issuers. Ripple’s decision to apply reflects the growing pressure from lawmakers and regulators.

Circle Filing Underscores a Shift Toward Compliance

Ripple’s move came two days after Circle filed a similar application. Circle issues the USDC stablecoin, which holds a market cap above $60 billion. CEO Jeremy Allaire said the firm wants to stay aligned with evolving U.S. policies. Circle’s filing signals how top stablecoin firms are preparing for future compliance standards.

The GENIUS Act establishes definitive requirements for companies issuing or dealing with stablecoins. It demands federal licensing, open reserves, and tight operational controls. Circle and Ripple are advancing ahead with the aim of conforming to such requirements before they become obligatory.

Currently, Anchorage Digital, a regulated crypto platform, remains the only crypto firm with a federal banking license. Ripple and Circle are now seeking similar status. Both companies want to protect their stablecoin operations by working under clear laws and oversight. This trend shows that large crypto firms now favor formal approval over uncertain legal gray areas.

Market watchers reacted to Ripple’s announcement. XRP, the token tied to Ripple, rose by over 5% following the filing news. At press time, the coin is trading at $2.27, up 3.72% in the past day. In addition, the trading volume is up 37.91% to $4.03 billion.

Ripple Seeks National Bank License and Fed Access

Ripple also wants deeper ties to the U.S. financial system. The company’s custody arm, Standard Custody, filed for a master account with the Federal Reserve, according to Eleanor Terrett. If approved, the account would let Ripple hold RLUSD reserves directly with the Fed. This setup would add security and improve how the stablecoin operates.

In addition to applying for an OCC trust charter, @Ripple has also applied for a Fed master account through the trust company it acquired last year — @StandardCustody — which I reported Monday (see below — although I admittedly missed the Ripple connection 😬).

Being granted a… pic.twitter.com/LHQMMARGlC

— Eleanor Terrett (@EleanorTerrett) July 2, 2025

Ripple believes direct Fed access will support RLUSD in the long run. Garlinghouse said this step will give the token added protection. He also noted that more banks are now willing to work with crypto firms.