Overview

• Ripple applied for a Federal Reserve master account through its Standard Custody & Trust Co. affiliate after seeking a national bank charter from the OCC in July.
• CEO Brad Garlinghouse called Wall Street lobbying against crypto access to Fed infrastructure “hypocritical” and “anti-competitive.”
• He argued that equal access should follow equal compliance, saying master accounts for firms such as Ripple and Circle would enhance stability, oversight and risk control.
• Garlinghouse said banks that previously kept their distance are now discussing partnerships centered on Ripple’s RLUSD stablecoin.
• The OCC recently issued a conditional federal charter to Erebor Bank, signaling openness to digital‑asset activity, while the Fed has not provided clear guidance or approvals and applications remain pending.