RippleLabs, the crypto firm behind XRP, is applying for a national banking license in the US, making it eligible to enter the list of crypto companies that have already secured the permit. This is a landmark development for Ripple, as its ecosystem will be secured with federal oversight from the US and bolster legitimacy in the crypto industry. The banking license application was submitted to the Office of the Comptroller of the Currency (OCC), and once approved, Ripple would have both federal and state oversight, wrote Ripple CEO Brad Garlinghouse on X.
Ripple follows Circle
Recently, stablecoin issuer Circle Internet Group has already secured a US trust bank license after a successful Initial Public Offering (IPO). The firm submitted its application to the OCC on June 20, 2025, to establish a national trust bank, First National Digital Currency Bank. Before securing the license, Circle raised over $1.1 billion in the IPO.
But, Anchorage Digital makes its debut
Before Ripple and Circle came Anchorage Digital, a regulated crypto platform for institutions. This crypto platform made waves, securing a banking license from the OCC to become the first federally chartered digital asset bank under the name, Anchorage Digital Bank, National Association.
Ripple has been making a ripple effect
Ripple has been frequently gaining momentum in the crypto market with its RLUSD stablecoin approval by the Dubai Financial Services Authority (DFSA). Moreover, its XRP Ledger is used for real estate tokenization in Dubai. What’s more, RLUSD supply has increased, reaching $169.5 million in the past two months, with 25 million RLUSD tokens minted on Ethereum. Besides all these achievements, there is something big that matters to the firm; last week, Ripple dropped its cross-appeal against the Securities and Exchange Commission (SEC).
