Cryptocurrency company Ripple has received final approval from U.S. regulators to establish its own trust bank, Ripple National Trust Bank (RNTB). The new entity will operate under federal supervision and manage reserves backing the RLUSD stablecoin, as well as provide digital asset custody services to institutional clients.
According to a press release, the Office of the Comptroller of the Currency (OCC) approved the bank's establishment on October 26. Ripple has thus completed the licensing process it began in July 2025. The company received preliminary approval in December last year.
The new bank will be able to manage reserves backing the Ripple USD (RLUSD) stablecoin, act as a trustee for those reserves on behalf of token holders, and provide cryptocurrency custody services to corporate clients.
However, RLUSD will continue to be issued by Standard Custody & Trust Company, which is regulated by the New York State Department of Financial Services (NYDFS). As a result, Ripple's stablecoin operations will be subject to oversight by both federal and state regulators.
Ripple CEO Brad Garlinghouse described the approval as an important step toward bringing the cryptocurrency industry and the traditional banking sector closer together.
"We've said for years that crypto and banks work better together. Final approval of Ripple National Trust Bank shows what that looks like in practice," he said.
What will change for Ripple and RLUSD?
Establishing a bank will allow Ripple to expand its infrastructure for serving major financial institutions. In addition to managing RLUSD reserves, the company will be able to offer regulated custody services for digital assets used in payments, trading, and corporate treasury management.
The RLUSD stablecoin was launched in December 2024. According to Ripple, its market capitalization has reached $2.5 billion. The token is used in the company's payment infrastructure and as collateral on the Ripple Prime platform.
RLUSD reserves consist of U.S. dollar deposits, U.S. government securities, and other highly liquid assets. BNY serves as the primary custodian of the reserves. Ripple also publishes monthly independent attestations of the amount of tokens issued and the assets backing them.
Despite obtaining a banking license, Ripple National Trust Bank will not operate as a conventional commercial bank. National trust banks in the U.S. specialize in the custody and management of client assets. They are not designed to accept traditional deposits or issue loans, and their services do not include standard deposit insurance through the FDIC.
Crypto companies secure banking licenses
Ripple has become one of several major cryptocurrency companies to receive approval to establish banking entities in the U.S.
In July 2026, Circle, the issuer of the USDC stablecoin, received final approval from the OCC. Coinbase, Crypto.com, Stripe-owned Bridge, and several other crypto market participants had also previously received preliminary approvals.
However, expanding banking privileges for cryptocurrency companies has sparked debate among U.S. lawmakers. Senator Elizabeth Warren, in particular, has criticized the issuance of such licenses, arguing that they could pose risks to the financial system and conflict with banking regulations.
Representatives of the crypto industry have rejected these allegations. Industry organization The Digital Chamber emphasized that trust bank charters do not grant companies the full powers of commercial banks but do subject their operations to federal oversight.
Ripple's approval also comes as the U.S. market prepares to implement new stablecoin regulations under the GENIUS Act. The company said it will continue working with the OCC and New York regulators as the new bank begins operations.
As a reminder, XRP Ledger previously activated a new feature.
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