Ripple applies for a US banking license after Circle, and its subsidiary Standard Custody applies for a Federal Reserve master account

PANews reported on July 3 that Ripple submitted an application for a federal banking license to the U.S. Office of the Comptroller of the Currency (OCC) on Wednesday. If approved, Ripple will be regulated by the OCC, and its stablecoin RLUSD will also be included in the regulatory scope. In addition, Ripple plans to provide more crypto services through the banking license. Ripple CEO Brad Garlinghouse said that this move is part of the company's long-term compliance strategy. If successfully approved, Ripple will achieve dual supervision at the state level (through NYDFS) and the federal level, setting a new trust benchmark for the stablecoin market.

At the same time, Ripple's subsidiary Standard Custody & Trust Company also applied for a Federal Reserve master account this week, which will enable Ripple to deposit RLUSD reserves directly with the Federal Reserve.

It is worth mentioning that this Monday, Circle also submitted an application for a federal banking license to the OCC, planning to serve as its reserve custodian and hold crypto assets for institutional clients.

Earlier news, Circle applied for a US banking license to custody USDC reserves .