Ripple, which manages cross-border payments and a dollar-backed stablecoin called RLUSD, has applied for a national banking license, The Wall Street Journal’s Vicky Ge Huang reports. RLUSD is currently subject to state oversight through the New York Department of Financial Services. “The dual nature of that regulation would basically have set a new bar for transparency and compliance in the stablecoin market,” said Jack McDonald, senior vice president of stablecoins at Ripple. Earlier this week, Ripple’s subsidiary Standard Custody & Trust Company applied for a Federal Reserve master account. Publicly traded companies in the space include Bit Digital (BTBT), Bitfarms (BITF), Coinbase (COIN), Core Scientific (CORZ), Greenidge Generation (GREE), Mara Holdings (MARA), Riot Platforms (RIOT), Strategy (MSTR), Stronghold Digital Mining (SDIG) and TeraWulf (WULF).
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MSTR:
- Strategy Announces New Board Member Peter L. Briger, Jr.
- Strategy likely to post unrealized gain of $14B in Q2, Bloomberg reports
- Strategic Bitcoin Acquisition and Strong Preferred Share Performance Drive Positive Outlook for Strategy
- Strategy Updates on Share Sales and Bitcoin Acquisition
- Notable open interest changes for June 30th