Ripple has initiated an application process for a national bank charter, seeking to operate its RLUSD stablecoin under both state and federal regulatory jurisdictions. This strategic move aims to expand its stablecoin services beyond current New York Department of Financial Services (NYDFS) oversight while enhancing trust and compliance standards.
The application positions Ripple to join institutions like Circle in pursuing federal regulatory frameworks for stablecoin operations. Anchorage Digital remains the only digital asset company to have secured a national bank charter to date. As part of this initiative, Ripple’s subsidiary Standard Custody & Trust Company plans to obtain a Federal Reserve master account to hold RLUSD reserves directly.
This development signals a broader industry trend where cryptocurrency firms increasingly seek federal banking licenses to strengthen integration with traditional financial systems and improve regulatory adherence. The application may establish new precedents for stablecoin operations under combined state-federal supervision.