Ripple Seeks US Banking License, Aiming to Establish Trust in the Stablecoin Market

Ripple has applied for a banking license from the U.S. Office of the Comptroller of the Currency (OCC). This information was confirmed by the company’s CEO, Brad Garlinghouse.

Garlinghouse mentioned that this initiative will serve as a «new benchmark for trust in the stablecoin market.» If approved, Ripple’s stablecoin, RLUSD, will fall under both federal jurisdiction and state supervision.

Ripple is following in the footsteps of Circle, the issuer of the USDC stablecoin, which has also submitted an application to the OCC to establish a national trust bank.

Both applications come as the U.S. Senate has passed the GENIUS Act, a bill that sets standards for organizations that issue stablecoins.

In addition, Garlinghouse stated that a request has been made to open a primary account with the Federal Reserve System. This would enable Ripple to hold RLUSD reserves directly with the Fed.

The documents were sent through Standard Custody, a custodial firm that Ripple acquired in February 2024.

The value of the native token, XRP, responded positively to the news, rising to $2.24 (+3.8% over 24 hours) according to CoinGecko.

It’s worth noting that in April 2025, Ripple acquired the crypto brokerage Hidden Road for $1.25 billion.

In June, the company’s CTO, David Schwartz, indicated that the mergers and acquisitions department is «very busy and has several potential deals at various stages.»