Ripple Labs, the company behind XRP, is making a major move toward mainstream finance. The blockchain firm has officially applied for a U.S. national banking license, a bold step that could bring it even closer to the heart of the American financial system.
What’s Going On?
Ripple’s CEO, Brad Garlinghouse, confirmed the news this week, stating the company has applied for a bank charter from the Office of the Comptroller of the Currency (OCC). This would allow Ripple to operate under federal regulations — a key move as the U.S. edges closer to a clear legal framework for crypto and stablecoins.
Garlinghouse emphasized that this application reflects Ripple’s commitment to compliance and transparency. If approved, Ripple would join a very exclusive group — Anchorage Digital is currently the only crypto firm with a national bank charter.
“This would be a unique benchmark of trust for the stablecoin market,” Garlinghouse said on X (formerly Twitter).
Ripple Wants Access to the Fed
But Ripple isn’t stopping there. The company has also applied for a Federal Reserve master account, which would give it direct access to the U.S. central banking system. This could allow Ripple to hold reserves for its stablecoin, RLUSD, directly with the Fed — offering a level of security and legitimacy that few crypto firms can claim.
Ripple submitted this application through Standard Custody, a digital asset custody platform it acquired earlier this year.
Ripple Joins the “Stablecoin Rush”
Ripple’s move comes right on the heels of Circle’s own banking application. Circle, the company behind USDC, is also seeking a national trust bank license as the U.S. prepares to regulate stablecoin issuers through the GENIUS Act, a bill recently passed by the Senate.
Both companies are clearly preparing for a future where crypto and banking fully merge — and where stablecoins are subject to strict oversight from regulators like the OCC and New York Department of Financial Services (NYDFS).
Why It Matters
For years, crypto companies have operated in legal gray zones, but the tide is turning. With Congress pushing for clear rules, and banks increasingly open to working with crypto, Ripple’s banking ambitions could position it as a leader in regulated digital finance.
This shift also marks a departure from past tensions, including the so-called Operation Chokepoint 2.0, which allegedly aimed to cut crypto off from the traditional banking system.
Now, it seems the doors to Wall Street — and possibly even the Fed — are opening.
Final Thoughts
Ripple’s bid for a banking license and Fed access isn’t just about ticking regulatory boxes — it’s about shaping the future of crypto finance. If successful, Ripple could become one of the first blockchain companies fully integrated with the U.S. financial infrastructure.
Stay tuned. The race to become crypto’s first real bank is heating up.
