July 3, 2025
Banking

Ripple Files For US Banking License To Boost Trust In RLUSD


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Fintech firm Ripple Labs is applying for a US banking license to boost the trust of its RLUSD stablecoin and deepen its ties in the traditional financial system.

In a July 2 X post, Ripple’s CEO Brad Garnlinghouse confirmed the news following an earlier report from The Wall Street Journal. In his post, he said the company is applying for a license with the US Office of the Comptroller of the Currency (OCC). 

The move, according to him, is part of Ripple’s “long-standing compliance roots.”

Ripple

Ripple Seeks To Boost Trust In RLUSD Stablecoin As GENIUS Act Progresses

If Ripple Labs receives the US banking license, it would create a “new (and unique!) benchmark for trust in the stablecoin market,” Garlinghouse said. This is because the firm would be under both federal and state oversight, given the New York Department of Finance Services already regulates Ripple USD (RLUSD), the company’s stablecoin product.

Garlignhouse’s confirmation of the filing comes just 2 days after Circle, the issuer of the second largest stablecoin USDC, applied with the OCC to create a national trust bank that would oversee its product’s reserves. 

That follows the US Senate’s passing of a bill related to the regulation of stablecoins, called the GENIUS Act. This bill lays out standards that issuers of dollar-pegged tokens must follow, including that the OCC will oversee larger issuers. 

Ripple Also Looking To Gain Access To US Central Banking System

Garlinghouse added in his X post that Ripple has also applied for a Master Account with the Federal Reserve through Standard Custody, a digital asset custody firm that the company acquired in February last year.  If this application is approved, it will give the company access to the US central banking system.

That access would then allow Ripple “to hold $RLUSD reserves directly with the Fed and provide an additional layer of security to future proof trust in RLUSD,” the CEO said.

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