Ripple applies for a banking license and a Fed master account to bring RLUSD under dual regulation.

Since the advancement of the U.S. stablecoin bill "GENIUS Act", the encryption industry has stirred up a wave of "banking" enthusiasm. Previously, Circle announced its application for a banking license, and Ripple CEO Brad Garlinghouse also publicly stated on July 3rd that he has applied to the U.S. Office of the Comptroller of the Currency (OCC) to strive to become a "national bank" regulated by both federal and state governments.

Circle pre-applies for a banking license

Stablecoin USDC issuer Circle officially applied to OCC on 7/1 to establish the National Digital Currency Bank (First National Digital Currency Bank), providing digital asset custody services to institutional clients, while being supervised by the federal government.

In this regard, Circle CEO Jeremy Allaire stated that this application is to proactively comply with the upcoming stablecoin legislation in the United States.

(Does Circle also want to be a bank? What is the purpose of OCC's national trust bank license)

Ripple announced that RLUSD has become a "dual-regulated" stablecoin.

On July 2, Ripple CEO Garlinghouse announced on Twitter (X) that they have also submitted an application for the "National Trust Bank Charter" ( to the OCC.

Garlinghouse emphasized that Ripple has always valued compliance. This application aims to make its stablecoin RLUSD one of the few stablecoins in the market that is regulated by both federal and state governments. Currently, RLUSD has already been included in the regulatory framework of the New York State Department of Financial Services )NYDFS(.

Ripple also applied for a master account with the Fed, and XRP rose in response.

In addition to applying for a banking license, Ripple is also applying for a "Master Account" with the Federal Reserve )Fed(. Garlinghouse stated that if the application is approved, Ripple can directly deposit the reserves of RLUSD with the Fed, further enhancing the safety of funds and the credibility of RLUSD.

This application was submitted by Standard Custody, the encryption custody institution acquired by XRP in February 2024.

Garlinghouse also added that the cryptocurrency industry has suffered from the de-banking actions of the Biden administration over the past few years )Chokepoint 2.0(, but now the situation has reversed, with Congress beginning to legislate and banks eager to participate, prompting XRP to take proactive measures. After the news broke, XRP briefly rose to $2.29, ultimately closing at $2.24, with a daily increase of 3.73%.

) Note: The Master Account allows holders to transact directly with the Fed without going through intermediary banks. Having a Master Account enables banks to deposit funds and earn interest from the Fed. (

This article discusses Ripple's application for a banking license and a Fed master account, allowing RLUSD to be subject to dual regulation, first appearing in Chain News ABMedia.