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2w ago

Ripple Seeks U.S. National Bank Charter and Fed Master Account

An OCC charter with a Fed master account would place RLUSD under federal supervision to boost trust in the stablecoin market.

A representation of cryptocurrency Ripple is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration
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Illustration: Aïda Amer/Axios

Overview

  • On July 2, Ripple confirmed that CEO Brad Garlinghouse filed the OCC application to switch oversight of its RLUSD stablecoin from state to federal regulators.
  • The firm’s Standard Custody & Trust subsidiary lodged a request for a Federal Reserve master account to directly process stablecoin reserves and access central bank payment rails.
  • These filings follow Circle’s national charter application on June 30, marking two major stablecoin issuers seeking bank licenses within days.
  • Anchorage Digital remains the only crypto entity holding an OCC national trust charter, underscoring the exclusivity of federal charters in digital finance.
  • Stablecoin assets top $150 billion, and issuers are racing toward federal charters to meet anticipated GENIUS Act requirements for enhanced liquidity and credibility.