Ripple Applies for US Banking License, Heating Up Domestic Stablecoin Race

Two days after USDC stablecoin issuer Circle revealed that it had applied for a national trust bank charter in the United States, Ripple Labs made a similar move.

In an X post on July 2, Ripple CEO Brad Garlinghouse confirmed that the firm has applied to the Office of the Comptroller of the Currency (OCC) for a national bank charter.

It’s a growing trend, as crypto and traditional finance continue to converge. Fidelity’s crypto-focused subsidiary, Fidelity Digital Assets, has also reportedly applied for a national trust charter to complement its New York state-issued license. Anchorage Digital actually received one under the Biden Administration — becoming the first and only crypto firm to get a national bank charter in the U.S., as The Defiant previously reported.

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