Ripple seeks national bank license, aiming for stablecoin with account at Fed

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Ripple has just submitted an application to the OCC for a national banking license to bring the stablecoin RLUSD under federal supervision, in addition to the supervision of the state of New York. At the same time, the subsidiary Standard Custody has also applied to open an account directly at the Fed to store RLUSD reserves, instead of through a commercial bank.

If approved, RLUSD will become the first stablecoin with direct access to the Fed, establishing a "new standard for transparency and compliance," according to Ripple. Currently, RLUSD has a supply of over 455 million USD, increasing by 490% in 2025, with a trading volume of 2.6 billion USD in June.

On the same day, CEO Brad Garlinghouse denied any official connection with Linqto – the platform being investigated for selling Ripple shares illegally. Ripple stated that it has never sold shares to Linqto and has ceased supporting related transactions since the end of 2024.

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