Crypto firm Ripple Labs applies for a banking license in the US, following a similar transfer of Stablecoin Issuer Circle Internet Group while crypto companies seem to regulate to deepen the relationships with traditional finance.
Ripple CEO Brad Garlinghouse write At X on Wednesday the company was applying for a license with the US National Bank Regulator, Currency (OCC) Comptroller’s office (OCC), confirming an earlier Report From the Wall Street Journal.
“True to our long-term roots of compliance, Ripple applies for a national bank charter from the OCC,” he wrote.
Garlinghouse said if the license was approved, it would be a “new (and unique!) Benchmark for confidence in the StableCoin market” because the company is under the federal and administration of the state – with the New York Department of Financial Services who Controlled RIPPLE USD (RLUSD) Stablecoin.
Ripple follows the Circle at Wanting Bank Charter
Ripple’s decision to obtain a banking license just arrived two days after the circle, releasing the second largest stablecoin USDC (USDC) Applied to OCC To create a National Trust Bank guarding the Stablecoin reserves.
Moving both companies came as the The US Senate has passed A stablecoin regulate bill called Genius Act.
Circle co-founder and CEO Jeremy Allaire said the company is taking “proactive measures” to “align the emerging US regulation for the release and operation of the dollar denomination payment stablecoins.”
Anchorage Digital is the only crypto company holding a national bank charter.
Ripple bids for Fed Master Account
Ripple’s Garlinghouse added that the company has also applied for a master account with the Federal Reserve, which will give it access to the US central US banking system.
“This accessibility will allow us to hold a $ RLUSD reserve directly to the Fed and provide an additional layer of security in the future proof of RLUSD,” Garlinghouse said.
Related: Bitcoin vs. The Stablecoins Showdown has been in the Hurso as the Genius Act is near
“Congress is working towards clear policies and regulations, and banks (in a big shout from the years of Operation Chokepoint 2.0) is leaning,” he added, citing the conspiracy that the Biden administration aspiring to cut off the crypto from the financial system.
Ripple applied for the account through the usual caution, a crypto custody firm he obtained in February 2024.
XRP gets more than 3% in Ripple’s Bank Charter application
XRP (XRP), the XRP Ledger Blockchain token used by Ripple Labs for its products, rose 3.2% the previous day to trade at $ 2.24, According to In coingecko.
The token began to climb late Wednesday before hitting a 24 -hour peak of $ 2.27 around the time of Gurlinghouse’s post before slightly cooling from its rally.
Legal Panel: Crypto wants to overthrow banks, now they turn into the stablecoin fight
