Crypto firm Ripple has applied for a national bank charter in the United States and is also seeking a Federal Reserve master account, CEO Brad Garlinghouse said in a post on Wednesday.
The application was confirmed by the Office of the Comptroller of the Currency.
The move comes as crypto firms pursue closer ties with the traditional financial system and clearer regulatory frameworks. A national bank charter would allow Ripple to process payments directly, reduce costs, and gain access to central banking services.
With a Fed master account, Ripple would be able to use the Federal Reserve’s payment systems and hold stablecoin reserves directly at the central bank. The company launched its stablecoin, RLUSD, in October. RLUSD currently has a market value of about $470 million, according to CoinMarketCap.
Ripple’s efforts follow similar steps by Circle, which said this week it has applied to become a national trust bank. Circle’s announcement came shortly after its public listing.
The crypto sector has seen renewed interest in stablecoins after the U.S. Senate passed the GENIUS Act. Industry participants say the bill provides a clearer legal path for stablecoin operations and may support wider adoption in the U.S.
