Ripple seeks a national bank charter approval to place RLUSD under state and federal oversight

Ripple applied for a national slope charter with the Office of the Comptroller of the Currency (OCC) connected July 2, CEO Brad Garlinghouse wrote successful a station connected X. 

The filing would spot Ripple USD (RLUSD) nether national supervision portion maintaining its existing oversight by the New York Department of Financial Services, creating a “new benchmark for spot successful the stablecoin market.” 

Garlinghouse added that Standard Custody & Trust Co., the Ripple subsidiary that issues RLUSD, submitted a abstracted petition connected June 30 for a Federal Reserve maestro account.

That relationship would alteration the spot to support RLUSD reserves straight astatine the Fed, alternatively than done commercialized banks, akin to however custodial banks clasp lawsuit funds. 

An OCC support would spot Ripple among that tiny cohort and, if the Fed grants Standard Custody’s request, marque RLUSD the archetypal stablecoin with nonstop cardinal slope access.

Dual oversight for RLUSD

According to a Wall Street Journal report, Ripple argues that OCC supervision and Fed relationship entree unneurotic code organization owed diligence checklists that inactive bounds the usage of stablecoins. 

Data from Artemis shows that RLUSD’s supply grew by astir 490% successful 2025, surpassing $455 million. The transaction measurement recorded a caller all-time precocious successful June, touching $2.6 billion.

Ripple’s stablecoin already undergoes monthly attestations and holds currency and short-dated Treasuries successful bankruptcy-remote custody accounts. 

The study cited Jack McDonald, elder vice-president for stablecoins astatine Ripple, who said the nationalist charter and maestro relationship would “set a caller barroom for transparency and compliance successful the stablecoin market.”

Linqto probe

The charter announcement landed hours aft Garlinghouse publically denied any ceremonial narration with Linqto, a backstage equity marketplace present nether probe by the Securities and Exchange Commission and the Department of Justice for alleged unregistered stock sales.

In a abstracted July 2 station connected X, Garlinghouse said Ripple ne'er sold equity to Linqto and that the platform’s 4.7 cardinal Ripple shares came wholly from secondary purchases. He besides reminded investors that Ripple halted approvals for Linqto-related secondary transfers successful precocious 2024.

Linqto’s erstwhile main executive, William Sarris, faces accusations of inflating Ripple stock prices by much than 60% and selling special-purpose-vehicle units to astir 5,000 non-accredited investors. 

Those allegations surfaced arsenic regulators analyse whether the level violated securities rules by pooling private-company banal successful opaque structures.

The OCC volition present reappraisal Ripple’s concern plan, capitalization, hazard controls, and absorption history. The process usually includes a nationalist remark play and tin agelong beyond 12 months.

The station Ripple seeks a nationalist slope charter support to spot RLUSD nether authorities and national oversight appeared archetypal connected CryptoSlate.