Ripple applies for a US banking license after Circle, plans to provide more crypto services

Odaily News According to the Wall Street Journal, Ripple submitted an application for a national bank license to the U.S. Office of the Comptroller of the Currency (OCC) on Wednesday. If approved, Ripple will achieve dual state and federal supervision of the stablecoin RLUSD. Ripple CEO said this move will establish a new trust benchmark in the stablecoin market. Previously, the subsidiary Standard Custody also applied for the Federal Reserve's main account, intending to directly custody the RLUSD reserves. This move comes at a time when the Trump administration is relaxing crypto regulation and encouraging federal license applications. (The Block)
According to previous news, Circle applied for a U.S. national banking license and planned to independently manage USDC reserves.