Ripple Labs is applying for a US national banking license in a major push to build confidence around its stablecoin RLUSD. CEO Brad Garlinghouse confirmed the move on X, stating the company applied with the Office of the Comptroller of the Currency. Ripple also aims to secure a Federal Reserve Master Account through Standard Custody, which it bought in February 2024. This would let Ripple hold RLUSD reserves directly with the Fed, providing stronger protection for stablecoin holders.

Circle also recently applied for a similar license after the US Senate passed the GENIUS Act, which sets standards for stablecoins and puts large issuers under OCC oversight. Circle CEO Jeremy Allaire called it a proactive step to align with new dollar-backed token regulations. Anchorage Digital remains the only crypto firm so far with a national bank charter.

Ripple believes federal oversight will strengthen trust in the $RLUSD stablecoin, which is already regulated by the New York Department of Financial Services. Garlinghouse said clear rules from Congress and greater bank support are helping crypto grow responsibly.