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Ripple has submitted an application to the Office of the Comptroller of the Currency (OCC) in the United States for a national bank charter, aiming to broaden its cryptocurrency offerings. Should the application be approved, Ripple and its stablecoin RLUSD would fall under OCC regulation, thus achieving both state and federal oversight. Ripple's CEO emphasized that this step will enhance trust in the stablecoin market. Furthermore, Ripple's subsidiary, Standard Custody, has applied for a master account with the Federal Reserve, with the intention of directly depositing RLUSD reserves with the Fed. Notably, Circle, another cryptocurrency firm, has also pursued a national bank charter, aiming to independently manage the reserves of its stablecoin USDC.
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