Ripple Labs (XRP), the digital asset firm closely associated with the XRP cryptocurrency, has applied for a national U.S. bank charter.
The application has been made with the U.S. Office of the Comptroller of the Currency (OCC).
If successful, the bank license would allow Ripple to expand its crypto offerings across state lines in America under federal regulations.
Ripple also issues the $440 million RLUSD stablecoin regulated by the New York Department of Financial Services (NYDFS) and provides digital asset custody services.
Crypto XRP, which is the native token of the payments-focused XRP Ledger network, rose 3% on July 2 due to news of the bank charter.
Ripple’s banking application comes after USDC stablecoin issuer Circle (CRCL) also filed for a similar license in recent days.
Crypto custodian Anchorage Digital already holds a federal bank charter.
The bank license applications are another sign of how the cryptocurrency industry is evolving and advancing under U.S. President Donald Trump, say analysts.
The U.S. House of Representatives is currently reviewing and debating proposed stablecoin legislation.
The XRP token has risen 9% this year and currently trades at $2.30 U.S.
