Ripple Applies for Federal Bank Trust Charter, XRP Jumps 3%
2025-07-02 18:15:49
Main Idea
Ripple has applied for a federal bank trust charter, leading to a 3% rise in XRP, as the company seeks to expand its services under federal regulatory oversight.
Key Points
1. Ripple's application for a federal bank trust charter was confirmed by an OCC spokesperson.
2. XRP, the native cryptocurrency of the XRP Ledger network, rose 3% following the news.
3. Ripple issues the $440 million RLUSD stablecoin, regulated by NYDFS, and provides digital asset custody services.
4. The application follows a similar move by USDC issuer Circle, seeking federal oversight.
5. The Wall Street Journal first reported the news earlier on Wednesday.
Description
Ripple, the digital asset firm closely associated with the XRP Ledger network, has applied on Wednesday for a national banking license at the Office of the Comptroller of the Currency (OCC), a spokesperson confirmed to CoinDesk. The license would allow the company expand its crypto services and operate across state lines under federal regulation. Ripple issues the $440 million RLUSD stablecoin regulated by the New York Department of Financial Services (NYDFS), and also provides digital asset cus...
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