Ripple has applied for a US national bank charter, joining a growing number of digital asset firms moving to operate under federal regulation. The application was filed with the Office of the Comptroller of the Currency (OCC) and, if approved, would allow Ripple to offer nationwide banking services under a uniform regulatory framework.
Ripple also confirmed it has applied for a Federal Reserve master account, which would allow it to hold reserves directly at the central bank. This move aligns with the firm’s plans to launch RLUSD, a US dollar-backed stablecoin expected to be issued on both the XRP Ledger and Ethereum. RLUSD is currently regulated by the New York Department of Financial Services.
Circle, the issuer of USDC—the world’s second-largest stablecoin by market capitalisation—has also applied for a national trust bank charter. Circle previously announced plans to operate under federal oversight, citing the need for consistent regulation as USDC adoption expands.
Both firms are seeking access to Fed master accounts, which would enable them to issue and redeem stablecoins around the clock without relying on intermediary banks. These efforts follow the passage of the GENIUS Act in the US Senate, which introduces mandatory federal oversight for stablecoins intended for broad public use. The act imposes minimum standards on reserve assets, operational transparency, and solvency thresholds for large issuers.
If granted, the charters would place Ripple and Circle under similar regulatory structures to Anchorage Digital Bank, which received conditional approval from the OCC in 2021. National charters would allow these firms to operate across state lines without separate licences and submit to consolidated supervision by federal banking regulators.
XRP, Ripple’s digital asset used for cross-border payments and liquidity provisioning, rose over 3% following the announcement. The asset is distinct from RLUSD, which is designed to maintain parity with the US dollar and will be fully backed by dollar reserves.
The move toward federal charters shows how large stablecoin issuers interact with the banking system. Access to Fed master accounts would allow for direct settlement, improved reserve management, and potentially closer integration into domestic payments infrastructure.
The OCC and Federal Reserve have not publicly commented on the status or timeline for these applications.
