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Major XRP Announcement: Ripple Seeks US Banking License to Boost RLUSD Trust
Ripple, a leading provider of digital payment solutions, has made a significant announcement as it seeks a US banking license. The move is aimed at boosting trust in its RLUSD stablecoin and granting the company access to the Federal Reserve’s central banking system.
According to Ripple CEO Brad Garlinghouse, the company has submitted an application to the Office of the Comptroller of the Currency (OCC) for a national bank charter. This decision comes just two days after Circle, another prominent player in the stablecoin market, announced its intention to apply for a similar license.
Ripple’s move is seen as a bold step towards enhancing trust in RLUSD and solidifying its position in the rapidly growing digital asset space. By obtaining a US banking license, Ripple will be able to hold RLUSD reserves directly with the Federal Reserve, providing an additional layer of security that supports long-term trust in the stablecoin.
Ripple’s commitment to compliance has been well-documented throughout the years. By embracing regulation, the company aims to set a new standard for institutions in the cryptocurrency sector. The CEO highlighted the importance of regulatory approval, stating that it is essential for Ripple to “put regulation first” and establish trust with financial stakeholders.
The announcement comes amidst ongoing discussions about federal legislation aimed at strengthening regulations around dollar-pegged stablecoins. The GENIUS Act, which recently passed the Senate, has sparked debate within the crypto community regarding its potential impact on the industry.
In related news, Circle announced that it will be applying for a national trust named First National Digital Currency Bank, N.A., as part of its efforts to create a more transparent and accessible financial system.
Source: cryptopotato.com
