Ripple's stablecoin ambitions just got a whole lot more serious. The crypto firm behind RLUSD has officially applied for a national banking license with the U.S. Office of the Comptroller of the Currency. Ripple (RLUSD) is aiming to bring its stablecoin—currently regulated by New York's Department of Financial Services—under the OCC's direct oversight. That would mark a big shift from state to federal regulation, a move Ripple says could raise the bar for transparency and compliance in the stablecoin market. Jack McDonald, Ripple's SVP of stablecoins, believes dual regulation could be the catalyst institutions have been waiting for before entering the space.
On a parallel track, Ripple's subsidiary Standard Custody & Trust has filed for a Federal Reserve master account. If approved, Ripple could custody RLUSD reserves directly with the Fed and handle redemptions around the clock—even outside traditional banking hours. RLUSD may still be small compared to USDC's $62 billion footprint, but its $469 million market cap signals early traction. With Congress inching closer to passing the Genius Act, which could make federal charters mandatory for stablecoin issuers, Ripple's timing may prove strategic.
Other firms are moving fast too. Circle (CRCL, Financial), issuer of the second-largest stablecoin, is also seeking a national bank charter. Anchorage Digital remains the only crypto-native firm with a federal license in hand. As stablecoins edge closer to the financial mainstream, a more regulated playing field could unlock participation from traditional asset managers still sitting on the sidelines. Ripple's push may be one of the first dominoes in a broader institutional adoption wave.
