Ripple applies for US national bank charter as crypto eyes next frontier

Crypto firm Ripple is applying for a national bank charter in the U.S., its CEO Brad Garlinghouse wrote in a social media post on Wednesday, shortly after a similar step by stablecoin giant Circle .

The move reflects a broader push by crypto firms for regulatory clarity and deeper integration with the traditional financial system.

A charter would allow crypto companies to settle payments faster and cut costs by bypassing intermediary banks, while also providing a stamp of legitimacy after years of what they claim has been regulatory sidelining.

Ripple's charter will need to be approved by the Office of the Comptroller of the Currency, a top banking regulator.

The OCC did not immediately respond to a Reuters request for comment.

The company is also seeking a Fed Master account that would give it access to the Federal Reserve's payments infrastructure and allow it to hold its stablecoin reserves directly with the central bank, Garlinghouse wrote on X.

Ripple launched its stablecoin, RLUSD, in October last year. While much smaller than dominant players Tether and Circle's USD Coin, RLUSD still ranks among the biggest stablecoins by market value, according to data from CoinMarketCap.

Ripple, founded in 2012, operates a blockchain that facilitates crypto payments. Besides its stablecoin, it also runs the XRP (XRP=) cryptocurrency.

Earlier this week, stablecoin firm Circle also said it is applying to create a national trust bank in the U.S., weeks after its robust initial public offering.