Overview
- Each firm must meet OCC conditions before launching operations, after which they would join the roster of roughly 60 national trust banks that includes Anchorage Digital.
- National trust bank charters allow fiduciary activities such as custody and faster settlement but prohibit taking deposits or making loans.
- Ripple’s approval creates Ripple National Trust Bank and places its RLUSD stablecoin under OCC oversight alongside New York’s NYDFS.
- Comptroller Jonathan Gould said bringing new entrants into the federal banking sector supports competition and modernization as stablecoin issuers move under direct supervision.
- XRP’s price reaction was subdued near $1.98 as markets awaited final sign-offs and details on how the new charters translate into operations.