Ripple is expanding its presence in the U.S. financial system, with CEO Brad Garlinghouse confirming that the company is pursuing a national banking charter.
In an interview first reported by CNBC, Garlinghouse stated that Ripple is pursuing an Office of the Comptroller of the Currency (OCC) license, in addition to a Federal Reserve master account. “We’re not anti-regulation. We want in…the right way,” he said.
If approved, Ripple National Trust Bank would be a de novo national trust bank based in New York, wholly owned by Ripple Labs. The charter would bring Ripple’s U.S. dollar-backed stablecoin, RLUSD, under direct federal oversight, aligning it with the new GENIUS Act governing stablecoin issuers.
RLUSD was launched in December 2024, and has already been integrated into Ripple’s payments network. The stablecoin currently has an outstanding supply of around $730 million, putting it among the leading stablecoins by circulation.
Federal recognition could give Ripple a sharper competitive edge. With a master account, RLUSD reserves could sit directly at a Reserve Bank, potentially streamlining settlement for customers.
However, analysts note that the Federal Reserve retains broad discretion over such access, which is underscored by Custodia Bank’s recent litigation.
Philanthropy meets regulation at Ripple
That said, Ripple has been using RLUSD to demonstrate real-world impact. This week, the company announced a $25 million donation in RLUSD to nonprofits Accion Opportunity Fund and Hire Heroes USA.
The commitment will support small business owners and military veterans with capital, training, and career pathways, with the company estimating $1 billion in total economic impact from the initiative. “Small businesses and veterans are two of the most powerful engines of American progress, yet both face barriers that limit their full economic impact,” Garlinghouse said in the release.
Ripple has made similar pledges this year, including a $25 million RLUSD donation to education nonprofits DonorsChoose and Teach For America.
Taken together, the company’s twin strategy of building regulatory credibility while highlighting the utility of RLUSD in philanthropic and commercial use signals that Ripple is preparing to entrench itself as a financial institution and a payments innovator.
