Ripple Applies for Banking License in US
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Another day, another crypto firm looking to become a fully regulated bank. This time, it’s Ripple, which just filed for a national banking license with the OCC, per The Wall Street Journal.
If approved, Ripple would operate under both state (NYDFS) and federal oversight, a combo CEO Brad Garlinghouse says sets a “new benchmark for trust” in stablecoins like RLUSD. Plus, they’re eyeing even more crypto services down the line.
But that’s not all—Ripple’s subsidiary also applied for a Fed master account, meaning it could hold reserves directly with the central bank.
And with Circle making a similar move, it looks like crypto’s big players are all-in on banking legitimacy.
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