Ripple Wants to Become a U.S. Bank — Is This the Future of Crypto?

Ripple, the popular crypto firm behind the XRP token, is taking a bold step toward deeper integration with the traditional financial system. On Wednesday, CEO Brad Garlinghouse announced that the company has applied for a U.S. national bank charter, signaling its plans to expand its reach beyond digital assets.

This move follows in the footsteps of stablecoin issuer Circle, which also recently applied to form a national trust bank in the United States. Ripple’s decision highlights a broader trend among crypto companies aiming for more regulatory clarity and access to traditional financial infrastructure.

What Ripple’s Bank Charter Means

Ripple’s application has been submitted to the Office of the Comptroller of the Currency (OCC), a key federal banking regulator. An OCC spokesperson has confirmed that they have received Ripple’s application.

But that’s not all.

Ripple is also seeking a Federal Reserve master account. If approved, this would allow the company to access the Fed’s payment systems directly and hold its stablecoin reserves with the central bank.

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Ripple’s RLUSD Stablecoin Gains Traction

Ripple introduced its RLUSD stablecoin in October 2024. While it’s still smaller than Tether (USDT) and Circle’s USD Coin (USDC), RLUSD has managed to secure a significant spot in the market. As of now, it holds a market value of around $470 million, according to CoinMarketCap.

This charter and Fed account, if approved, could further boost Ripple’s ambitions in the stablecoin market and offer it a unique edge in regulatory compliance and transparency.

Regulatory Tailwinds Strengthen Stablecoin Momentum

Ripple’s timing comes as stablecoins gain increasing attention on Capitol Hill. Earlier this week, the U.S. Senate passed the GENIUS Act, a proposed legislation that provides clearer guidelines for stablecoin issuers.

The GENIUS Act is expected to open doors for wider stablecoin adoption while introducing safeguards to protect consumers and ensure financial stability.

According to a report by Grayscale’s research team, “The GENIUS Act will likely support stablecoin adoption in the U.S. while incorporating sensible safeguards for consumer protection and financial stability.”

This legislation could play a key role in Ripple’s long-term vision for RLUSD and its overall banking ambitions.

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Key Takeaways:

• Ripple has officially applied for a U.S. national bank charter.
• The company is also seeking a Fed master account for direct payment infrastructure access.
• Ripple’s RLUSD stablecoin is growing, now valued at $470M.
• The GENIUS Act may create a friendlier legal environment for stablecoin projects.
• Circle also recently applied to form a national crypto-friendly trust bank.