Ripple Goes Big: Aims for National Banking Charter to Shake Up Stablecoin Scene!

CEO Brad Garlinghouse Spills the Beans on X

Ripple's not playing small anymore! They're gunning for a national banking charter right here in the U.S., aiming to dive deeper into the wild world of stablecoins under both federal and state watchdogs.

Brad Garlinghouse, the man at the helm of Ripple, dropped a bombshell on X this Wednesday. He's not just talking the talk; Ripple's already thrown their hat in the ring with the Office of the Comptroller of the Currency for that coveted charter.

Chasing the Fed's Master Account and Boosting RLUSD

But wait, there's more! Ripple's also playing for a Federal Reserve master account through their sidekick, Standard Custody. If they snag this, it's game over for middlemen banks; Ripple's going straight to the source for settling up and beefing up the security behind their RLUSD token.

"True to our long-standing compliance roots, @Ripple is applying for a national bank charter from the OCC. If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market," Garlinghouse boasted on X.

RLUSD's Rise and Ripple's Regulatory Game Plan

Launched in December 2024, RLUSD might be the new kid on the block, but it's already making waves with a market value soaring to about $470 million. Sure, it's still chasing the big dogs like Tether and Circle's USDC, but Ripple's not just sitting pretty at the state level anymore. They're aiming for that dual oversight structure that's gonna set them apart.

And they're not the only ones playing this game. Circle's also thrown their hat into the national trust bank ring. Both are prepping for the incoming GENIUS Act, a Senate-passed bill that's gonna lay down the law for stablecoin issuers, with the OCC stepping up to supervise the big players.

XRP's Market Surge Amid Regulatory Moves

As Ripple pushes harder for that top-tier regulatory status, their native token XRP is feeling the love, jumping 4% in just 24 hours. Trading volume's gone through the roof too, hitting $3.65 billion with a 38% daily surge.

Over on the derivatives scene, things are heating up with open interest popping up 8% to $4.5 billion, and XRP futures seeing a 29% volume spike to $7.38 billion. It's clear as day: the market's buzzing about Ripple's bold moves.