XRP Spikes 3% As Ripple Applies For US Banking License

by Khyathi Dalal Benzinga Staff Writer

Zinger Key Points

Ripple has applied for a national banking license to bring its dollar-backed RLUSD stablecoin under federal regulation.
Circle has also filed for a charter; Anchorage Digital remains the only crypto firm with a federal bank charter to date.
From tariffs to inflation, macro risks are rising—Matt Maley reveals how he’s trading it all, live this Wednesday July 9 at 6 PM ET.

Ripple XRP/USD is joining the ranks of crypto firms seeking greater legitimacy and regulatory clarity by applying for a national banking license with the U.S. Office of the Comptroller of the Currency.

The move would shift oversight of Ripple's stablecoin, RLUSD, from New York state regulators to federal jurisdiction, aligning with upcoming stablecoin legislation.

According to the Wall Street Journal, Ripple's subsidiary, Standard Custody & Trust, has also submitted an application for a Federal Reserve master account.

This would give Ripple direct access to U.S. central banking infrastructure, enabling 24/7 issuance and redemption of RLUSD and direct custody of reserves.

The effort comes as Congress prepares to pass the Genius Act, which mandates federal banking charters for stablecoin issuers, pushing firms to proactively align with incoming regulation.

Also Read: Here’s Why ‘Altcoin Season’ For XRP, ETH, SOL Has Not Happened Yet

Why It Matters: Ripple is the latest in a growing list of crypto firms—including Circle, issuer of USDC/USD, and Anchorage Digital working to bridge the gap between crypto and traditional finance through national charters. Circle recently filed for a similar license, and Anchorage remains the only platform so far to hold a federal charter.

As of now, RLUSD has a market cap of $469 million, while Circle's USDC leads the regulated stablecoin space with over $62 billion in circulation.

CEO Brag Garlinghouse stated that Ripple has applied for a Fed Master account enabling it to hold RLUSD reserves directly with the Fed and provide an additional layer of security to future proof trust in RLUSD.

Ripple's push into federally regulated banking also aligns with its partnership with OpenPayd, giving it access to fiat payment infrastructure, multi-currency accounts, virtual IBANs, and real-time rails in major global markets, critical for advancing Ripple Payments and expanding RLUSD's real-world use.

Price Action: XRP reacted favorably to the news, up 2.8% over the past 24 hours to $2.25.

Read Next: