Ripple Labs seeks US banking license to deepen ties with traditional finance

From Cointelegraph

July 2, 2025 8:04 pm:

Crypto firm Ripple Labs, led by CEO Brad Garlinghouse, is seeking a banking license in the US from the OCC. This move follows Circle Internet Group’s application for a national trust bank charter for their stablecoin reserves. Ripple’s goal is to deepen ties with traditional finance and enhance trust in the stablecoin market. Ripple also applied for a Master Account with the Federal Reserve for additional security.

The US Senate recently passed the GENIUS Act, which sets regulations for stablecoin issuers and gives oversight to the OCC. Circle CEO Jeremy Allaire stated they are aligning with emerging US regulations for dollar-denominated payment stablecoins. Anchorage Digital is currently the only crypto firm holding a national bank charter.

XRP, the digital token used by Ripple Labs, saw a 3.2% increase in value to $2.24 following the news of Ripple’s banking license application. The token peaked at $2.27 after Garlinghouse’s announcement. This development comes amidst a growing regulatory framework for stablecoins in the US financial system.

Read more at Cointelegraph: Ripple Applies For US Banking License