Ripple Labs Applies For US Banking License To Boost RLUSD Stablecoin Trust
Fintech firm Ripple Labs is applying for a US banking license to boost the trust of its RLUSD stablecoin and deepen its ties in the traditional financial system. In a July 2 X post , Ripple’s CEO Brad Garnlinghouse confirmed the news following an earlier report from The Wall Street Journal. In his post, he said the company is applying for a license with the US Office of the Comptroller of the Currency (OCC). The move, according to him, is part of Ripple’s “long-standing compliance roots.” Ripple Seeks To Boost Trust In RLUSD Stablecoin As GENIUS Act Progresses If Ripple Labs receives the US banking license, it would create a “new (and unique!) benchmark for trust in the stablecoin market,” Garlinghouse said. This is because the firm would be under both federal and state oversight, given the New York Department of Finance Services already regulates Ripple USD (RLUSD), the company’s stablecoin product. Garlignhouse’s confirmatio...