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The American cryptocurrency company Ripple has received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish the state-regulated Ripple National Trust Bank (RNTB). The bank will manage the reserves for Ripple USD (RLUSD), a dollar-pegged stablecoin.
Ripple had received conditional approval from the regulator as early as December of last year. The final OCC approval, obtained by the company now, allows RNTB to manage the reserves backing the RLUSD stablecoin and act as the trustee of these reserves on behalf of coin holders, as well as provide digital asset custody services.
“Cryptocurrencies and banks work much more effectively together. Corporations are increasingly integrating digital assets into their payment systems. Obtaining the status of a national trust bank should create a more solid foundation for RLUSD and other our products in the payments and capital markets sectors,” said Ripple CEO Brad Garlinghouse.
The RLUSD stablecoin was launched in December 2024, and its current market capitalization stands at $2.6 billion. The token is backed by U.S. dollar deposits, U.S. government securities, and other cash equivalents. The primary custodian of RLUSD reserves is the New York-based bank BNY Mellon.
However, the Independent Community Banks of America (ICBA) is strongly opposed to the OCC issuing such licenses to cryptocurrency companies. ICBA described this as an easy way for crypto companies to enter the banking market without meeting the requirements imposed on banks that insure customer funds.
