Ripple Seeks U.S. National Trust Bank Charter and Fed Account to Potentially Expand Stablecoin Services

Key Points

1. Ripple aims to establish Ripple National Trust Bank under the OCC, focusing on business-to-banking services, managing RLUSD reserves, and providing fiduciary services for digital asset payments.

2. A Federal Reserve master account would grant Ripple direct access to the Fed's payment system, reducing operational costs by bypassing intermediary banks.

3. The bank's governance will include a five-member board, with Ripple’s Chief Legal Officer Stuart Alderoty as one of the organizers.

4. The charter application does not explicitly mention XRP, but industry observers believe it may still play a role in Ripple’s long-term strategy.

5. Approval would place Ripple under direct OCC supervision, aligning its operations with U.S. banking laws and demonstrating compliance with crypto regulations.