Ripple’s Banking License Update: Here’s Latest Development
Main Idea
Ripple has applied for a national bank charter with the Office of the Comptroller of the Currency (OCC) to establish Ripple National Trust Bank, focusing on its stablecoin and payments businesses.
Key Points
1. Ripple's application is for a limited-purpose OCC-regulated national trust bank, named Ripple National Trust Bank.
2. The bank will complement Ripple’s stablecoin (RLUSD) and other payments businesses.
3. The Trust Bank will have a five-member board, including Ripple's Chief Legal Officer Stuart Alderoty.
4. The application does not mention XRP, but there is speculation about potential future integrations.
5. The charter must be approved by the OCC, a prominent banking regulator.
Description
Ripple has filed application for national bank charter
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