Ripple Secures Federal Charter for National Trust Bank
Ripple announced Monday that it has received final approval from the Office of the Comptroller of the Currency (OCC) to establish Ripple National Trust Bank, a federally supervised national trust bank. This marks the culmination of a process that began with the OCC’s conditional approval of Ripple’s application in December 2025, alongside similar approvals for Circle, Paxos, Fidelity Digital Assets, and BitGo.
Bank Operations and Stablecoin Oversight
Upon its launch, Ripple National Trust Bank will be responsible for managing the segregated reserves that back the Ripple USD (RLUSD) stablecoin. It will also serve as a collateral trustee for these reserves, acting in the best interest of RLUSD holders. Additionally, the bank will offer fiduciary digital asset custody services to enterprises. The RLUSD stablecoin will continue to be issued by Standard Custody & Trust Company, Ripple’s limited-purpose trust company regulated by the New York Department of Financial Services. This dual state and federal oversight will now apply to the stablecoin.
Leadership Perspective
Ripple CEO Brad Garlinghouse stated in the company’s release, “For years, we’ve said crypto and banks work better together. Final approval for Ripple National Trust Bank is what that looks like in practice.” He further elaborated in a tweet, “The revolution isn’t happening outside the system. It’s happening from within it.”
Stablecoin Performance and XRP Movement
Launched in December 2024, RLUSD currently boasts a market capitalization of approximately $2.6 billion, according to CoinGecko. Ripple indicates that the stablecoin is utilized across its payments network and serves as collateral within its Ripple Prime brokerage. BNY Mellon acts as the primary reserve custodian for the stablecoin.
Meanwhile, XRP, the cryptocurrency closely linked to Ripple, saw a 0.5% increase over the preceding 24 hours, trading at $1.29, according to CoinGecko. It was one of only two cryptocurrencies among the top 10 by market capitalization to register gains on the day, alongside Zcash.
Regulatory Challenges and Industry Response
The national trust charters granted by the OCC to crypto firms remain a point of contention. Senator Elizabeth Warren (D-MA) has argued, in a letter to Comptroller Jonathan Gould, that these approvals, including those for Coinbase and Ripple, contravene the National Bank Act. She contended, “These companies are effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank.”
The Digital Chamber, a cryptocurrency industry trade group, has urged the OCC to “defend these charter approvals and continue developing clear supervisory expectations for trust banks.”
Earlier this month, the Independent Community Bankers of America filed a lawsuit against the OCC in federal court, asserting that the charters provide a “side door into the banking system for crypto firms” that bypasses the capital requirements, consolidated supervision, and FDIC insurance mandated for traditional banks.
Ripple has affirmed its commitment to continued collaboration with the OCC, the New York Department of Financial Services, and other regulatory bodies as the bank commences operations and as the U.S. implements the GENIUS Act’s stablecoin framework.
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