Ripple Labs (XRP), the digital asset firm closely associated with the XRP cryptocurrency, has applied for a national U.S. bank license.
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The application has been made with the U.S. Office of the Comptroller of the Currency (OCC). The 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.
The Wall Street Journal was the first to report about the application for a bank license. Crypto XRP, which is the native token of the payments-focused XRP Ledger network, rose 3% on the news. Ripple’s application for a bank license comes after USDC stablecoin issuer Circle (CRCL) also filed for a similar license in recent days.
Evolving Sector
The bank license applications are another sign of how the crypto industry is evolving and advancing under U.S. President Donald Trump, say analysts. The House of Representatives is currently reviewing and debating the U.S. Senate’s proposed stablecoin legislation.
Crypto custodian Anchorage Digital already holds a federal charter. “If approved, we would have both state and federal oversight, a new (and unique) benchmark for trust in the stablecoin market,” said Ripple Labs CEO Brad Garlinghouse in a social media post.
Is XRP a Buy?
Most analysts don’t offer ratings or price targets on XRP. So instead, we’ll look at the cryptocurrency’s three-month performance. As one can see in the chart below, the price of XRP has risen 8.91% in the last 12 weeks.
