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Ripple has made a significant move in its efforts to expand its crypto services and strengthen its regulatory position by applying for a US national banking license from the Office of the Comptroller of the Currency (OCC). This development comes as Circle Internet Group, another prominent stablecoin issuer, recently applied for a similar license.
The proposed banking license would enable Ripple to operate across state lines under federal regulation, allowing it to deepen its ties with traditional finance. With this move, Ripple aims to provide reliable access to its RLUSD stablecoin operations and bolster the trustworthiness of its services by aligning itself with the emerging US regulations on stablecoins.
In an earlier statement, Ripple CEO Brad Garlinghouse emphasized the importance of regulatory compliance in the growing crypto market. The CEO confirmed the banking license application through his social media post.
As part of this move, Ripple has also partnered with London-based fintech firm OpenPayd to build and provide stablecoin and payments infrastructure for enterprises. This collaboration will integrate Ripple’s payment network with OpenPayd’s fiat rails, enabling seamless minting and burning of RLUSD tokens for clients.
The announcement has had a positive impact on the market, with XRP token prices surging by over 3% in response to the news.
Source: coincentral.com
