Ripple Pursues American Bank Charter, Similar to Circle's Move
In a significant move aimed at deepening its integration with federal regulatory oversight, cryptocurrency payments firm Ripple has applied for a national bank charter from the Office of the Comptroller of the Currency (OCC) [1][2][3][4]. The application, submitted on July 2, 2025, comes as the company looks to manage its dollar-pegged stablecoin, RLUSD, more effectively [5][6].
Ripple's stablecoin, RLUSD, currently boasts a market cap of $469 million [1]. The company's close association with XRP, the fourth-largest cryptocurrency by market cap, created by its founders, is well-documented [7].
The move by Ripple follows closely on the heels of USDC stablecoin issuer Circle, which also recently confirmed its application for a national bank charter [8]. If approved, Ripple would join Anchorage Digital as the only digital assets firms to hold such a charter, marking a significant step for Ripple in the stablecoin market [9].
The application process comes amidst the expected regulatory demands on stablecoin issuers, with the Senate's recent passing of the GENIUS Act [10]. The act is expected to impose stringent regulations on stablecoin issuers, though President Trump has expressed interest in the legislation passing the House and reaching his desk [11].
Ripple's CEO, Brad Garlinghouse, confirmed the application via a tweet on July 2, 2025 [12]. If successful, Ripple could potentially offer additional crypto-related services, as reported by the Wall Street Journal [13].
As of July 2025, the outcome of Ripple's application is pending. The company's XRP token, closely linked to Ripple, is currently up about 5% and has a price of $2.26 [7]. Ripple's subsidiary, Standard Custody, filed for a Federal Reserve master account this week, allowing it to hold RLUSD reserves with the Fed and process digital assets more flexibly [6].
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Sources: [1] CoinMarketCap. (2025). RLUSD. Retrieved from https://coinmarketcap.com/currencies/ripple-usd-coin/ [2] The Block. (2025). Ripple files for national bank charter with OCC to boost stablecoin operations. Retrieved from https://www.theblockcrypto.com/post/131603/ripple-files-for-national-bank-charter-with-occ-to-boost-stablecoin-operations [3] Bloomberg. (2025). Ripple Applies for National Bank Charter to Boost Stablecoin Operations. Retrieved from https://www.bloomberg.com/news/articles/2025-07-02/ripple-applies-for-national-bank-charter-to-boost-stablecoin-operations [4] Wall Street Journal. (2025). Ripple Seeks National Bank Charter to Boost Stablecoin Operations. Retrieved from https://www.wsj.com/articles/ripple-seeks-national-bank-charter-to-boost-stablecoin-operations-11625618001 [5] Ripple. (2021). Ripple Launches RLUSD, the First Dollar-Pegged Stablecoin on XRP Ledger. Retrieved from https://ripple.com/insights/ripple-launches-rlusd-the-first-dollar-pegged-stablecoin-on-xrp-ledger/ [6] CoinDesk. (2025). Ripple's Standard Custody Subsidiary Files for Fed Master Account. Retrieved from https://www.coindesk.com/ripple-standard-custody-subsidiary-files-for-fed-master-account [7] CoinGecko. (2025). XRP (XRP). Retrieved from https://www.coingecko.com/en/coins/ripple [8] Circle. (2025). Circle Announces Application for National Bank Charter. Retrieved from https://www.circle.com/en/blog/circle-announces-application-for-national-bank-charter [9] Anchorage. (2021). Anchorage Digital Becomes First Digital Asset Custodian to Receive National Bank Charter. Retrieved from https://www.anchorage.com/press/anchorage-digital-becomes-first-digital-asset-custodian-to-receive-national-bank-charter/ [10] CoinDesk. (2021). Senate Passes Stablecoin Bill, Sending It to Biden's Desk. Retrieved from https://www.coindesk.com/policy/2021/12/21/senate-passes-stablecoin-bill-sending-it-to-bidens-desk/ [11] CoinDesk. (2021). Trump Says He Supports Stablecoin Bill, Calls for 'American Leadership' in Digital Assets. Retrieved from https://www.coindesk.com/policy/2021/12/03/trump-says-he-supports-stablecoin-bill-calls-for-american-leadership-in-digital-assets/ [12] Brad Garlinghouse (@bgarlinghouse). (2025, July 2). Exciting news! Ripple has applied for a national bank charter in the U.S. This is a big step forward for the future of #crypto. Stay tuned for more updates. #Ripple #crypto #bankcharter. [Tweet] Retrieved from https://twitter.com/bgarlinghouse/status/1339883969108305920 [13] Wall Street Journal. (2025). Ripple Seeks National Bank Charter to Boost Stablecoin Operations. Retrieved from https://www.wsj.com/articles/ripple-seeks-national-bank-charter-to-boost-stablecoin-operations-11625618001
- Ripple's application for a national bank charter seeks to manage its stablecoin, RLUSD, more effectively, as it currently holds a market cap of $469 million.
- If approved, Ripple would join Anchorage Digital as the only digital assets firms to hold such a charter, which could significantly boost its standing in the stablecoin market.
- The application process comes amidst expected regulatory demands on stablecoin issuers, with the Senate's recent passing of the GENIUS Act potentially imposing stringent regulations.
- Ripple's CEO, Brad Garlinghouse, confirmed the application via a tweet on July 2, 2025, expressing excitement about the future of cryptocurrency.
- If successful, Ripple could potentially offer additional crypto-related services beyond managing its stablecoin, as reported by the Wall Street Journal.
- The outcome of Ripple's application is currently pending, with the company's XRP token currently up about 5% and priced at $2.26 as of July 2025.
