Ripple Applies For US Banking License
Summary
Ripple Labs is applying for a banking license with the Office of the Comptroller of the Currency (OCC) in the US, following Circle Internet Group's similar application. Ripple CEO Brad Garlinghouse stated that obtaining this license would establish a new benchmark for trust in the stablecoin market, as the firm would be subject to federal and state oversight. The move aligns with the recent passage of the GENIUS Act by the US Senate, which sets standards for stablecoin issuance. Ripple also applied for a Master Account with the Federal Reserve to hold reserves directly, enhancing security for its Ripple USD (RLUSD) stablecoin. XRP, Ripple's token, saw a 3.2% increase following the announcement.
