Ripple Moves Closer to Banking Status with New Trust Charter Bid
- Ripple is applying for a U.S. national bank charter to support its RLUSD stablecoin operations.
- The company also wants access to the Federal Reserve’s payment system through a Master account.
- The trust bank will focus on B2B services only, with no involvement in XRP for now.
Ripple is taking a major step toward embedding itself within the U.S. financial system. The blockchain firm has applied for a national bank charter from the Office of the Comptroller of the Currency (OCC).
This new bank isn’t aimed at the public. It won’t take deposits or issue loans. Instead, it will serve business clients and focus on holding reserves for Ripple’s own stablecoin, RLUSD.
This structure means the bank won’t fall under rules that apply to retail banks. The plan is to build a financial entity that plays a background role in digital finance, offering infrastructure without dealing with everyday consumers.
A known XRP community member, Wrathofkahneman, highlighted that the OCC application doesn’t mention XRP. This appears to be a deliberate choice, keeping the token separate from the trust bank’s approval process. Ripple Labs will fully own the trust bank and has issued private stock to company executives, a detail often seen in companies exploring future public listings.
