Ripple applied for US national bank charter

Ripple has officially applied for a national bank charter in the US, CEO Brad Garlinghouse announced in a post. The crypto company submitted its application to the Office of the Comptroller of the Currency (OCC), the country’s top banking regulator. This move is part of a broader trend among crypto firms seeking regulatory approval and deeper integration into the traditional financial sector.

Securing a bank charter would enable Ripple to process payments directly, eliminating the need for intermediary banks, and therefore cutting costs and speeding up transactions. The company has also announced plans to gain access to the Federal Reserve's payments system by opening a master account. This would allow Ripple to store its RLUSD stablecoin reserves directly with the central bank.

This initiative is backed by the GENIUS Act, recently passed by the US Senate. The bill aims to strengthen stablecoin regulation and boost market confidence. Reuters analysts suggest Ripple's assets may gain enhanced credibility and transparency under the new framework.