Ripple Applies for Federal Bank Trust Charter, XRP Jumps 3%

Ripple, the digital asset firm closely associated with the XRP Ledger network, has applied on Wednesday for a national banking license at the Office of the Comptroller of the Currency (OCC), a spokesperson confirmed to CoinDesk.

The license would allow the company expand its crypto services and operate across state lines under federal regulation. Ripple issues the $440 million RLUSD stablecoin regulated by the New York Department of Financial Services (NYDFS), and also provides digital asset custody services.

The Wall Street Journal first reported the news earlier on Wednesday.

XRP

, the native cryptocurrency of the payments-focused XRP Ledger network, advanced 3% on the news.

Ripple’s application comes after USDC issuer firm Circle (CRCL) also filed for a similar license earlier this week, a sign that stablecoin companies are seeking federal oversight as U.S. legislation to regulate stablecoins and crypto market structure advances. The House of Representatives currently has the U.S. Senate’s stablecoin bill before it.

Crypto custodian Anchorage Digital already holds a federal charter.