Is Ripple Becoming a Bank? Historical Confirmation for XRP from USA

The US regulator OCC has given conditional approval to Ripple, Circle, BitGo, Paxos and Fidelity to become national trust banks. As the only company with XRP, Ripple has crossed a critical threshold to become a regulated financial institution under that name.

The name that the crypto sector has been talking about for years, suddenly began to turn into reality. These five names include Ripple, Circle, BitGo, Paxos and Fidelity Digital Assets.

Approval for all companies is still conditional: they need to take additional steps to officially start operating. However, the message from Washington is clear: the line between traditional banks and digital financial infrastructure is rapidly disappearing.

Ripple Comes Out With Its Own Token

Ripple is the only company that has a local floating token among the companies that have received approval. Although Circle manages USDC, it is not a stablecoin and an asset with price volatility.

This makes the development even more important for #xrp investors. Because the trust bank status brings Ripple closer to the role of a full-fledged financial institution.