Ripple seeks US bank license to expand stablecoin services

Ripple has submitted an application for a national banking license to the US Office of the Comptroller of the Currency (OCC) on July 2, 2025.

The move aims to enhance regulatory oversight and services for its dollar-backed stablecoin, RLUSD, which is currently supervised by the New York Department of Financial Services.

RLUSD, launched last year, has a market capitalization of US$469 million, according to CoinMarketCap.

If approved, the banking license may enable Ripple to offer additional cryptocurrency services

The application comes as Congress considers the Genius Act, which would require bank charters for stablecoin issuers.

🔗 Source: The Wall Street Journal

🧠 Food for thought

1️⃣ The crypto industry’s pivot from regulatory avoidance to embrace

Ripple’s banking license application represents a significant strategic shift that’s been years in the making across the cryptocurrency industry.

As early as 2018, cryptocurrency firms began exploring banking licenses to enhance their legitimacy and operational capabilities within the traditional financial system 1.

This represents a complete reversal from the industry’s early anti-establishment ethos, with companies now actively seeking the regulatory oversight they once avoided.

The pattern extends beyond Ripple, with Circle also applying for a national bank charter, signaling that regulatory compliance has become a competitive advantage rather than a burden 2.

This evolution mirrors what we’ve seen internationally, particularly in Switzerland, which granted the world’s first crypto banking licenses in 2019, creating a model that other jurisdictions have since followed 3.

2️⃣ Stablecoin regulation is evolving from state-based to federal frameworks

Ripple’s application highlights the shift from state-level to federal oversight that’s reshaping the US stablecoin landscape.

Wyoming pioneered this regulatory evolution by enacting 13 blockchain-related laws and introducing specialized banking licenses for cryptocurrency firms, creating a template that’s now being considered at the federal level 4.