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Ripple follows Circle in applying for US banking license, plans to offer more crypto services
Summary: According to The Wall Street Journal, Ripple has submitted an application for a national banking license to the Office of the Comptroller of the Currency (OCC) this Wednesday. If approved, Ripple will achieve dual regulation of stablecoin RLUSD at both state and federal levels. Ripple's CEO stated that this move will establish a new trust ...
According to The Wall Street Journal, Ripple has submitted an application for a national banking license to the Office of the Comptroller of the Currency (OCC) this Wednesday. If approved, Ripple will achieve dual regulation of stablecoin RLUSD at both state and federal levels. Ripple's CEO stated that this move will establish a new trust benchmark in the stablecoin market. Previously, Ripple's subsidiary Standard Custody also applied for a Federal Reserve master account to directly custody RLUSD reserves. This comes as the Trump administration relaxes crypto regulations and encourages federal license applications. (The Block) Circle has also applied for a US national banking license to independently manage USDC reserves.
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