The US Office of the Comptroller of the Currency has issued new guidance that could reshape how traditional finance interacts with digital assets. The regulator said banks can now act as intermediaries for crypto transactions through “riskless principal” activities. This means a bank can temporarily buy a crypto asset and then sell it to a customer without taking market risk.
The timing is important. Earlier this week, the Commodity Futures Trading Commission also launched a pilot program that allows bitcoin, stablecoins and other digital assets to be used as collateral in derivatives markets. Together, these moves could mean a more open stance from Washington toward regulated crypto activity.
Why This Matters For Ripple’s Bank Ambitions
Ripple may be one of the biggest beneficiaries of this shift. In July, CEO Brad Garlinghouse confirmed that Ripple has applied for a national bank charter from the OCC. If approved, Ripple would sit under both state oversight from the NYDFS and federal oversight from the OCC. This would make Ripple one of the first companies in the stablecoin space to operate with full US banking permissions.
Garlinghouse also revealed that Ripple applied for a Federal Reserve Master Account through Standard Custody. This would allow Ripple to hold RLUSD reserves directly at the Federal Reserve. Direct Fed access is rare and would give Ripple a stronger foundation for operating RLUSD as a regulated, institution-ready stablecoin.
Ripple says its focus is on building “trusted, battle-tested and secure infrastructure.” With the stablecoin market now above $250 billion, the company argues that RLUSD can stand out by putting regulation at the center of its design.
What A Bank Charter Could Unlock
If Ripple secures a national bank charter, it would be allowed to custody digital assets, offer lending services and gain direct access to Fed systems. That includes FedNow, the US instant payments network. This could increase the number of payment and settlement use cases that tie back to XRP, especially in cross-border flows.
The charter could also give Ripple access to the Federal Reserve’s discount window during liquidity stress, a privilege normally reserved for banks. This would make Ripple one of the most tightly regulated players in the digital asset market.
Cross-Border Rules Get Cleaner, Helping Ripple Even More
In a second development, the CFTC has cleaned up its cross-border swap rules. The updated framework reduces uncertainty for institutions that want to settle trades using digital assets. This is a direct boost for Ripple, whose model is built around compliant cross-border settlement.
Cleaner rules, combined with more crypto-friendly banking guidance, lower the barriers for banks to adopt RLUSD and explore XRP-powered settlement in a regulated environment.
Is Ripple on the verge of becoming one of America’s first crypto-native banks? The regulatory pieces are moving into place.
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