Ripple applies for a U.S. banking license after Circle, aiming to offer more crypto services

Odaily Planet Daily – According to The Wall Street Journal, Ripple submitted an application for a national banking license to the U.S. Office of the Comptroller of the Currency (OCC) this Wednesday. If approved, Ripple will achieve both state and federal oversight for its stablecoin RLUSD. Ripple’s CEO stated that this move will set a new trust benchmark in the stablecoin market. Previously, its subsidiary Standard Custody also applied for a Federal Reserve master account, aiming to directly custody RLUSD reserves. This comes as the Trump administration is easing crypto regulations and encouraging federal license applications. (The Block)
Previously, it was reported that Circle applied for a U.S. national banking license, intending to independently manage USDC reserves.