Ripple has filed an application for a national banking license with the U.S. Office of the Comptroller of the Currency (OCC), according to a report by The Wall Street Journal.
The move indicates Ripple’s intention to bring its dollar-backed stablecoin, RLUSD, under federal supervision and expand its crypto-related financial services in the United States.
Ripple CEO Brad Garlinghouse confirmed the application in a post on X, calling it a continuation of the company’s “long-standing compliance roots.” “If approved, we would have both state (via NYDFS) and federal oversight,” Garlinghouse wrote. “A new (and unique!) benchmark for trust in the stablecoin market.”
If approved, would place Ripple under dual regulatory oversight, both at the state level through the New York Department of Financial Services (NYDFS) and now federally through the OCC.
Though far smaller than market leaders Tether and Circle’s USDC, RLUSD is among the larger stablecoins in circulation. The timing of Ripple’s application comes just days after Circle Internet Group, the issuer of USDC, filed for its own national banking license.
RLUSD, Ripple’s dollar-backed stablecoin, was launched in December 2024 and currently has a market capitalization of around $470 million, according to CoinMarketCap.
Ripple is also seeking a Federal Reserve master account. That account would give the firm direct access to the Fed’s payment rails and allow it to hold stablecoin reserves at the central bank.
For Ripple, gaining OCC approval would mark a major shift in how stablecoins are supervised in the U.S., potentially making RLUSD one of the most regulated stablecoins on the market.
“The GENIUS Act will likely support stablecoin adoption in the U.S. while incorporating sensible safeguards for consumer protection and financial stability,” Grayscale’s research team wrote.