- Ripple seeks a national charter and Fed account using Standard Custody as its gateway.
- The move gives RLUSD a better chance at long-term growth under U.S. financial oversight.
- Ripple joins firms like Circle that seek robust regulations to enhance trust in stablecoins.
Ripple has applied for a national bank charter and a Federal Reserve master account through its trust firm, Standard Custody. The move comes as crypto firms seek firmer regulatory ground while stablecoins push for broader acceptance in the mainstream economy.
Ripple’s application seeks access to the Fed’s payment infrastructure, which would allow the company to custody RLUSD reserves directly with the central bank. Brad Garlinghouse, Ripple’s CEO, confirmed the application on X, calling it a step toward federal and state-level oversight. Garlinghouse stated, “True to our long-standing compliance roots, Ripple is applying for a national bank charter from the OCC.”
A Push Toward Deeper Financial Integration
The application places Ripple alongside stablecoin issuer Circle, which recently confirmed its own bid for a national banking license. Currently, Anchorage Digital remains the only digital assets firm that holds a federal bank charter. Ripple’s filing signals a broader shift by blockchain companies toward institutional-grade infrastructure.
As reported by the Wall Street Journal, Ripple believes the OCC supervision, combined with Fed master account access, satisfies key institutional due diligence requirements. These hurdles have often slowed stablecoin adoption across major financial sectors. Jack McDonald, senior vice president for stablecoins at Ripple, stated the dual application would “set a new bar for transparency and compliance in the stablecoin market.”
Ripple’s RLUSD stablecoin was launched in October last year. Though it is smaller than major players like Tether’s USDT and Circle’s USDC, it now ranks among the top stablecoins by volume. According to Artemis, RLUSD’s supply has grown by nearly 490% in 2025, reaching $455 million. Its transaction volume also hit an all-time high of $2.6 billion in June.
Master Account: The Top Tier of Financial Access
Access to a Fed master account is considered the highest tier of financial integration. According to Eleanor Terrett’s report, a banking lawyer ranked access tiers as follows: “Master accounts are Diamond, banks are Platinum, trust companies are Gold, and money transmitter licenses are Silver.” For Ripple, this tiered ranking highlights why the master account is crucial.
The Federal Reserve has historically declined direct access to its payment system for crypto firms. Nonetheless, this resistance is being tested in Custodia Bank v. Federal Reserve, a pending legal case with a ruling expected soon. The outcome could affect whether other crypto firms, like Ripple, will secure similar access.
Related: Circle Seeks OCC Charter to Manage USDC and Offer Custody
The first step towards Ripple’s regulatory future was the acquisition of Standard Custody, a New York trust firm. With this purchase, Ripple was able to commit to standards associated with institutional management and protection of digital property. RLUSD is already subject to monthly attestations and holds reserves in short-dated Treasuries and cash, which are parked in bankruptcy-remote accounts.
Ripple’s charter application is now under review by the Office of the Comptroller of the Currency (OCC), one of the United States’ top financial regulators. An OCC spokesperson confirmed the agency received Ripple’s charter request. The firm’s next step rests on securing both OCC approval and Fed master access.
