The greenlight from the Office of the Comptroller of the Currency (OCC) comes after the passage of the Genius Act, which President Trump signed in July 2025 to establish clear rules of the road for US stablecoins.
With a national trust bank managing RLUSD reserves, Ripple’s stablecoin business will be subject to oversight as a trust company at both the state and federal levels—through the New York Department of Financial Services (NYDFS) and the OCC, respectively.
“The conditional approval of our trust bank charter represents a massive step forward – setting the highest standard for stablecoin compliance with both federal and state oversight,” says Ripple CEO Brad Garlinghouse. “While anti-innovation bank lobbyists may claim otherwise, we are ensuring RLUSD is the most transparent and responsibly managed stablecoin in the market today.”
Last month, Ripple reached a $40 billion valuation on a $500 million funding round. The elevated valuation coincided with strong performance from Ripple’s USD-backed stablecoin RLUSD, which achieved a $1 billion market cap within its first year.
In the past two years, Ripple has completed six acquisitions, including two valued at over $1 billion, expanding its footprint across payments, custody, and stablecoins, while entering new markets in prime brokerage and treasury management.
The OCC also granted a preliminary charter to Circle to form First National Digital Currency Bank and and conditionally approved BitGo, Paxos and Fidelity Digital Assets to convert their state trust charters into national ones.
,“New entrants into the federal banking sector are good for consumers, the banking industry and the economy,” says Jonathan Gould, comptroller of the currency. “The OCC will continue to provide a path for both traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with the evolution of finance and supports a modern economy.”
