Ripple has taken a groundbreaking step in the cryptocurrency sector by applying for a national bank license in the US. According to a July 3 report by The Wall Street Journal, with this license, the company will be subject to stricter federal oversight and will also establish a stronger foundation for the oversight and reserve management of its new stablecoin, RLUSD.
OCC application draws attention in the Ripple ecosystem
The national bank license that Ripple has applied for is issued by the Office of the Comptroller of the Currency (OCC), which is part of the US Department of the Treasury. If approved, Ripple will be authorized at the federal level in addition to the licenses it has already obtained from state-level authorities such as the New York Department of Financial Services (NYDFS). This will enable Ripple to provide services not only within state borders but nationwide.
This license will also help Ripple launch its RLUSD stablecoin in a more transparent and auditable manner. As an institution operating under federal regulation, Ripple will be able to hold the reserves backing this asset directly at the US Federal Reserve.
Application for a “master account” with the FED
However, this is not the only application Ripple has made. It was also announced that the company has applied for a “Master Account” with the Federal Reserve (FED) through Standard Custody & Trust Company, which it acquired last year. Such an account allows the company to access the FED's payment systems directly. This access, which has been quite limited for crypto companies until now, could open the door to a new era for Ripple.
According to Fox Business reporter Eleanor Terrett, obtaining a FED master account is an even more critical development than obtaining a bank license. Terrett summarized the access levels by quoting a banking lawyer: “Master account = Diamond, bank license = Platinum, trust company license = Gold, money transfer license = Silver.” Thus, if Ripple receives approval for this application, it will be able to integrate directly into the US payment infrastructure.
Amina Bank Becomes the First Institution to Support RLUSD
Support for Ripple’s RLUSD initiative also came from Europe. Switzerland-based Amina Bank became the first bank to announce direct support for the RLUSD stablecoin. The bank will initially offer custody and trading services. Myles Harrison, Amina’s Product Manager, said, “We are proud to provide our customers with access to one of the most anticipated digital assets.”
FINMA-licensed Amina also holds regulatory licenses in Abu Dhabi and Hong Kong. The bank stands out with a 69% increase in revenue and a 136% growth in managed assets in 2024, positioning itself as Switzerland's fastest-growing crypto bank with $4.2 billion in AUM.
As a reminder, Ripple introduced the RLUSD stablecoin in December 2024. RLUSD is fully backed by US dollar deposits, government bonds, and cash equivalents, ensuring price stability and trading at the 1 dollar level. To date, RLUSD has generated over 10 billion dollars in trading volume, with its circulating supply on the Ethereum network increasing fourfold. It currently holds a market capitalization of 469 million dollars, ranking as the 164th largest cryptocurrency.
