Ripple has officially filed for a national banking charter with the U.S. Office of the Comptroller of the Currency (OCC), signaling a major move to bring its dollar-backed stablecoin RLUSD under federal regulatory supervision.
If granted, Ripple would operate under dual oversight—state-level via the New York Department of Financial Services (NYDFS) and federal-level via the OCC.
CEO Brad Garlinghouse confirmed the filing, calling it a step forward in Ripple’s long-term regulatory alignment:
“If approved, we would have both state and federal oversight—a new (and unique!) benchmark for trust in the stablecoin market.”
Stablecoin Ambitions & Regulatory Integration
A national charter would allow Ripple to:
- Bypass intermediary banks for settlements
- Expand crypto financial services under traditional banking rules
- Access a Federal Reserve master account, enabling direct use of Fed payment systems and stablecoin reserve management
Launched in December 2024, RLUSD currently holds a market cap of approximately $470 million, making it a mid-tier but fast-growing stablecoin.
The filing comes shortly after Circle, issuer of USDC, applied for its own federal banking license to launch First National Digital Currency Bank.
GENIUS Act & the Push for Stablecoin Regulation
The U.S. Senate recently passed the GENIUS Act, which:
- Requires stablecoin issuers to hold 100% dollar reserves
- Enforces monthly reserve disclosures
The bill, supported by President Trump, is awaiting a House vote and is expected to accelerate mainstream adoption of stablecoins, according to a report by Grayscale.
Legal Hurdles Still Loom
Despite progress on the regulatory front, Ripple faces legal headwinds. On June 26, Judge Analisa Torres rejected a proposed $50 million settlement with the SEC—a move that keeps a ban on institutional sales of XRP in place.
This stems from the SEC’s 2020 lawsuit, alleging that Ripple sold $1.3 billion worth of unregistered securities via XRP.
Though both parties agreed to reduce the original $125 million fine by 60%, the court found no justification to alter the judgment. Retail trading of XRP remains unaffected.
Technology Advancements Continue
Amid legal challenges, Ripple is advancing its tech ecosystem:
- RippleX launched XRP Ledger v2.5.0, adding features like escrowed stablecoins (XLS-85) and bundled transactions (XLS-56)
- Daily active addresses surged from 35,000 to 295,000
- Wormhole integration connected Ripple to 35+ blockchains, boosting interoperability ahead of RLUSD’s expansion
Conclusion: Ripple’s application for a national banking license marks a bold step toward making RLUSD one of the most heavily regulated stablecoins in the U.S. However, legal challenges around XRP and the outcome of the GENIUS Act will heavily influence Ripple’s success in becoming a full-fledged player in the regulated financial system.
