news 
Ripple applies for U.S. bank license – Next big step in crypto’s Wall Street takeover?
July 4, 2025
In a move that has sent shockwaves through the cryptocurrency community, Ripple has announced its application for a U.S. bank license with the OCC (Office of the Comptroller of Currency). This bold step is seen by many as a critical next move in the ongoing Wall Street takeover initiated by crypto firms.
According to Ripple’s CEO Brad Garlinghouse, the company applied for both a bank licence and a Fed Master account as part of its stablecoin plan. The aim is to provide an additional layer of security for future-proof trust in RLUSD, a crucial component in the firm’s payment vision.
Ripple is not alone in this endeavor, however, as other notable players such as Circle, another stablecoin issuer, have made similar applications on June 30th. This includes Erebor and Wise, which are also seeking to integrate digital assets with the broader U.S financial system.
Paxos and Anchorage Digital Bank have already had their applications approved, but Custodian Bank’s Caitlin Long notes that most current applications are for trusts rather than banks. Meanwhile, John Deaton, a former lawmaker, believes that Ripple would soon become a bank, offering crypto-backed loans and mortgages.
On the other hand, Arthur Hayes, the founder of BitMEX, is skeptical about this move, stating that crypto firms cannot compete with seasoned TradFi players like JPMorgan. According to him, if a crypto firm becomes a bank, it must comply with banking rules, essentially ceding control to the government. He argues that you can’t outcompete traditional financial institutions at their own game, especially when the system is rigged in their favor.
The market has responded positively to this news, as XRP bulls take advantage of the update to push the altcoin’s price to $2.3, bringing it closer to a key short-term target of $2.6.
Source: ambcrypto.com
