Ripple Follows Circle in Bid for US Banking License

Crypto payment company Ripple confirmed on Wednesday that it applied to the office of the Currency of the Currency (OCC) to obtain a National Bank Charter.

Ripple CEO Brad Garlinghouse shared the news Via x on Wednesday, after a report from the Wall Street Journal.

“True to our long -term compliance roots, Ripple applies for a National Bank Charter of the OCC, “he wrote.” If we have been approved, we would have both the state (via NYDFs) and Federal Oversight, a new (and unique!) Benchmark for trust in the Stablecoin market. “

The relocation of Ripple only comes two days after USDC Stablecoin Emittent Circle had confirmed its own request to secure a National Bank Charter. Anchorage Digital is the only digital assets company that currently has such a charter.

Ripple is closely linked to XRP, the fourth largest cryptocurrency by Market Cap, created by the founders of the company. More recently, Ripple himself launched RLUSD, a dollar-pegged stablecoin.

RLUSD currently has a market capitalization of $ 469 million-approach less than the longer-running market leader Tether (USDT) for nearly $ 158 billion, and Circle’s USDC at almost $ 62 billion.

Stablecoin outsmissures are looking for BankCharters partly because of the expected legal requirements under the genius Stablecoin legislation that recently adopted the Senate -and of which President Trump said he would like to see the house and reach his desk as quickly as possible.

The Wall Street Journal Said Ripple would consider offering extra crypto-related services in the future if it does indeed secure the charter.

Garlinghouse said that Ripple’s standard control daughter also applied for a Federal Reserve Master account this week. That would enable it to keep RLUSD reserves at the FED and to give it more flexibility to process its digital assets.

XRP rose on the day of around 5% at a current price of $ 2.26.

Note of the editors: This story was updated after publication with additional details.