Ripple Files for National Bank License and Fed Master Account to Boost RLUSD Security
Main Idea
Ripple has filed for a national banking license with the OCC and a Federal Reserve master account to enhance regulatory oversight and trust in its stablecoin RLUSD, setting a new compliance benchmark for the stablecoin market.
Key Points
1. Ripple applied for a national bank charter with the OCC to extend federal regulatory oversight over its stablecoin RLUSD, currently supervised by NYDFS.
2. CEO Brad Garlinghouse stated that dual state and federal oversight would set a unique benchmark for trust in the stablecoin market.
3. RLUSD, launched in late 2024, has a $469 million market cap and is backed by dollar reserves and Treasurys.
4. Ripple’s subsidiary, Standard Custody & Trust Company, also applied for a Federal Reserve master account to directly custody RLUSD reserves with the central bank.
5. The move aligns with the anticipated GENIUS Act, which may require stablecoin issuers to obtain such licenses, and reflects broader industry trends toward regulatory compliance.
Description
Ripple is charging into the regulated banking arena, seeking a national license and Federal Reserve access to vault its stablecoin into elite, federally supervised territory. Ripple’s Dual Licensing Move Sets Compliance Benchmark for Stablecoins Ripple announced on July 2 that it filed for a national banking license with the U.S. Office of the Comptroller of
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