Ripple Follows Circle in Bid for US Banking License
Analysis
Price Impact
MedRipple's application for a national bank charter suggests increased regulatory compliance and potential expansion of services, which could attract more institutional investors.
Trustworthiness
HighThe news is confirmed by ripple's ceo and reported by reputable sources like the wall street journal.
Price Direction
BullishObtaining a national bank charter could enhance ripple's credibility and facilitate wider adoption of xrp, driving its price up.
Time Effect
LongThe application process and the subsequent impact of the charter will unfold over a longer period.
Original Article:
Article Content:
Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENE Crypto payments firm Ripple confirmed Wednesday that it has filed an application with the Office of the Comptroller of the Currency (OCC) to obtain a national bank charter. Ripple CEO Brad Garlinghouse shared the news via X on Wednesday, following a report from the Wall Street Journal . "True to our long-standing compliance roots, Ripple is applying for a national bank charter from the OCC," he wrote. "If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market." Ripple's move comes just two days after USDC stablecoin issuer Circle confirmed its own application to secure a national bank charter. Anchorage Digital is the only digital assets firm to currently hold such a charter. Editor's note: This story is breaking and will be updated with additional detail. Daily Debrief Newsletter Start every day with the top news stories right now, plus original features, a podcast, videos and more. Your Email Get it! Get it!