Ripple Seeks OCC Charter for National Trust Bank to Support RLUSD
- Ripple has applied for a national trust bank charter from the Office of the Comptroller of the Currency (OCC) for its proposed “Ripple National Trust Bank,” based in New York.
- RLUSD, Ripple’s stablecoin, launched in December and currently has an outstanding supply of approximately $730 million, ranking among top dollar-tokens by float.
- The GENIUS Act defines payment stablecoin issuers and includes pathways for federal qualified issuers like Ripple’s proposed bank.
- If granted a charter and a Federal Reserve master account, RLUSD reserves could be held at a Reserve Bank, enhancing its operational capabilities.
- XRP transactions incur small fees that are burned, but increased RLUSD activity on XRPL could enhance XRP’s market-making role.
The OCC charter would align RLUSD with federal regulations while maintaining its presence on XRPL and Ethereum, potentially increasing institutional flows into Ripple Payments. This development highlights the evolving landscape of Stablecoin regulation in the U.S.
With RLUSD’s current supply at $730 million and potential for greater integration within banking frameworks, Ripple aims to strengthen its position in digital asset markets while keeping XRP as a key liquidity tool on XRPL. (Source)
