Giant fintech company Ripple seeking a banking license: Explanation behind the request
In a significant move towards integrating cryptocurrency with traditional finance, Ripple, a leading blockchain-based payments company, has applied for a national banking license in the United States [1][2][4]. The application, submitted to the Office of the Comptroller of the Currency (OCC), is yet to be granted [1][2].
The move comes as Ripple aims to establish a "new (and unique!) benchmark for trust in the stablecoin market" by coming under both federal supervision (OCC) and state oversight, notably the New York Department of Financial Services for its RLUSD stablecoin [1][2]. This dual oversight could enhance security, trust, and regulatory clarity around RLUSD's dollar reserves and issuance.
Ripple's strategic step also includes plans to hold reserves in RLUSD directly with the Federal Reserve via its trust company status, further increasing transparency and safeguarding [2]. This would allow Ripple to conduct transactions 24/7 and eliminate risks associated with third-party counterparts.
While the bank charter primarily affects Ripple’s stablecoin and broader crypto banking services, XRP's market and regulatory positioning could indirectly benefit. The application signals Ripple’s push to integrate more deeply with traditional finance under robust regulatory supervision, which could increase investor and institutional confidence in XRP as part of Ripple’s ecosystem [3][4].
This move by Ripple follows a similar application by Circle, the issuer of USDC stablecoin, reflecting a growing trend among crypto firms seeking national banking charters to align with emerging U.S. stablecoin regulations and to enhance legitimacy and integration with mainstream financial infrastructures [1][2][4].
The GENIUS Act, aimed at regulating the issuance of stablecoins, is progressing in Congress. If passed, the act would only allow the issuance of dollar-backed stablecoins for federally chartered banks [5].
Ripple's move echoes the ongoing convergence of traditional finance and crypto, with the company seemingly determined to play a central role in this revolution.
Sources: [1] CoinDesk (2025). Ripple Applies for National Bank Charter in US. [online] Available at: https://www.coindesk.com/ripple-applies-for-national-bank-charter-in-us
[2] The Block (2025). Ripple Files for National Bank Charter in US. [online] Available at: https://www.theblockcrypto.com/linked/129563/ripple-files-for-national-bank-charter-in-us
[3] Cointelegraph (2025). Ripple's US Banking License Application: What It Means for XRP. [online] Available at: https://cointelegraph.com/news/ripple-s-us-banking-license-application-what-it-means-for-xrp
[4] Yahoo Finance (2025). Ripple Aims for Greater Regulatory Clarity with US Banking License Application. [online] Available at: https://finance.yahoo.com/news/ripple-aims-greater-regulatory-clarity-160000745.html
[5] House Financial Services Committee (2025). The Stablecoin Tailors Act (GENIUS Act). [online] Available at: https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=406469
- The strategic move by Ripple, a leading player in the cryptocurrency industry, aims to establish a unique benchmark for trust in the stablecoin market, which could potentially redefine the intersection of technology, business, and finance.
- By applying for a national banking license and planning to hold reserves in RLUSD directly with the Federal Reserve, Ripple is not only enhancing transparency and security but also striving to integrate their crypto academy more deeply with traditional finance, thereby increasing investor confidence in the digital asset ecosystem.
