RippleLabs (XRP) applied to the U.S. Office of the Comptroller of the Currency for a license as a national bank. The company filed the application Wednesday, and it is looking to get in on mainstream finance with crypto platforms. Wall Street Journal report.
The OCC would be able to regulate Ripple’s RLUSD stablecoin if it were granted a charter as a national bank trust. Ripple will likely consider other crypto services if its banking license is approved. “The dual nature of that regulation would basically have set a new bar for transparency and compliance in the stablecoin market,” Jack McDonald, Ripple’s senior vice-president of stablecoins.
Anchorage Digital, the crypto-currency custodian in this country, is currently the only firm that has a federal charter. Circle, which issuing USDC stablecoins, has also applied recently for a federal bank charter. Ripple, which has a smaller market cap, is also pursuing a national bank charter.
Also Read: Will XRP Be Affected by the SEC-Ripple Lawsuit?
According to the WSJ, separately, Ripple subsidiary Standard Custody & Trust Company applied for a Federal Reserve master account on Monday. The account will allow Ripple custody directly at the Fed and to issue and redeem Stablecoins out of regular banking hours.
The native XRP currency of Ripple is on the rise Wednesday after its platform applied for a US banking license. The altcoin has gained nearly 4% in the past 24 hours.
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Source: watcher.guru
