Ripple applies for US banking license, joining crypto rush for legitimacy

Ripple has followed Circle in looking to be its own bank after Congress moved ahead with a bill to regulate stablecoin issuers under the national bank regulator.

Crypto firm Ripple Labs is applying for a banking license in the US, following a similar move by stablecoin issuer Circle Internet Group as crypto firms look to be regulated to deepen ties with traditional finance. 

Ripple CEO Brad Garlinghouse confirmed on X on Wednesday that the company is applying for a license with the US Office of the Comptroller of the Currency (OCC), following an earlier report by The Wall Street Journal.

“True to our long-standing compliance roots, Ripple is applying for a national bank charter from the OCC,” he wrote. 

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