Ripple, which manages cross-border payments and a dollar-backed stablecoin called RLUSD, filed its application this week. RLUSD is currently subject to state oversight through the New York Department of Financial Services but a national trust bank charter would also place RLUSD within the OCC’s remit. In time, Ripple would consider offering other crypto services through its banking license.
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Ripple seeks a U.S. banking license, adding to list of crypto companies
“The dual nature of that regulation would basically have set a new bar for transparency and compliance in the stablecoin market,” said Jack McDonald, senior vice president of stablecoins at Ripple.
