
Major XRP Announcement: Ripple Seeks US Banking License to Boost RLUSD Trust
Ripple Labs has announced its decision to apply for a national banking license from the Office of the Comptroller of the Currency (OCC) in an effort to enhance trust in its RLUSD stablecoin and gain access to the Federal Reserve’s central banking system. This move comes as other crypto companies are also turning to regulation to build credibility.
According to Ripple CEO Brad Garlinghouse, the company is submitting its application through Standard Custody, a crypto custody firm acquired by Ripple in February 2024. If approved, Ripple would be placed under both state supervision by the New York Department of Financial Services (NYDFS) and federal oversight. This dual regulatory structure is expected to set a new standard for trust in the stablecoin market.
Furthermore, Ripple has also requested a Master Account with the Federal Reserve, which would allow the company to hold RLUSD reserves directly with the Fed. This move adds an extra layer of security that supports long-term trust in the stablecoin.
Source: cryptopotato.com