Ripple’s OCC Banking License Application Is Now Available. Here Are the Details

Key Points

1. Ripple's Interagency Charter Application to the OCC focuses on its stablecoin RLUSD and positions the bank as a business-to-business (B2B) entity, exempt from the Community Reinvestment Act (CRA).

2. The application does not mention XRP, likely due to ongoing legal scrutiny, but does not rule out future integration.

3. Ripple has assembled a team of experienced financial executives, including John McDonald and Stuart Alderoty, to form the initial board of directors.

4. The bank will operate under OCC oversight but will not engage in retail banking activities.

5. Ripple retains full ownership of the proposed banking entity.