💦 Ripple has applied for a banking license in the US

Ripple ( $XRP ) has applied for a national bank license with the U.S. Office of the Comptroller of the Currency (OCC). This information was confirmed by the head of the firm Brad Garlinghouse. According to Garlinghouse, the initiative will be “a new benchmark of trust in the stablecoin market.” If approved, the Ripple USD (RLUSD) “stablecoin” will fall under both federal and state supervision.

Ripple follows the example of Circle, the issuer of the USDC steiblcoin, which has also filed an application with the OCC to create a national trust bank. Both filings come amid the U.S. Senate's passage of the GENIUS Act bill, which sets standards for “stable coin” issuing organizations. Garlinghouse also announced that it has filed an application for a master account with the US Federal Reserve (Fed). This will allow Ripple to store RLUSD reserves directly with the Fed.