The cryptocurrency company #Ripple is requesting a national bank charter in the United States, according to its CEO, Brad Garlinghouse, in a social media post on Wednesday, following a similar move by the giant #Stablecoins .
The initiative reflects a broader push by crypto companies for regulatory clarity and greater integration with the traditional financial system.
A charter would allow cryptocurrency companies to settle payments more quickly and reduce costs without going through intermediary banks, as well as provide a stamp of legitimacy after years of what they claim has been regulatory marginalization.
Ripple's letter will need to be approved by the Office of the Comptroller of the Currency, one of the main banking regulators. A spokesperson for the OCC confirmed that it had received the company's request.
The company is also seeking a Fed Master Account that would give it access to the Federal Reserve's payment infrastructure and allow it to hold its stablecoin reserves directly with the central bank, Garlinghouse wrote on X.
Earlier this week, the stablecoin company Circle also said it is requesting the creation of a national trust bank in the United States, weeks after its strong initial public offering.
Stablecoins have gained momentum in recent weeks after the U.S. Senate passed the GENIUS Act, a development that the cryptocurrency sector has argued could boost their use through clear regulation.
"The GENIUS Act is likely to support the adoption of stablecoins in the U.S., while incorporating reasonable safeguards for consumer protection and financial stability," wrote the research team at digital asset manager Grayscale in a report on Wednesday.
