Ripple Labs, a blockchain-based cross-border company, has filed for a national banking license with the United States Office of the Comptroller of the Currency (OCC). Ripple’s CEO Brad Garlinghouse confirmed that the company is seeking a national banking charter, to enhance its regulatory compliance.
Garlinghouse also noted that Standard Custody, a Ripple subsidiary, applied for a Fed Master Account. As a result, Standard Custody will hold $RLUSD reserves directly with the Fed.
“Ripple always has and will continue to build trusted, battle-tested, and secure infrastructure. In a $250B+ market, RLUSD stands out for putting regulation first, setting the standard that institutions expect,” Garlinghouse noted.
