Ripple Clears Final Hurdle for Its Federal Trust Bank

Ripple has secured the OCC’s final green light to launch a federally chartered trust bank. The new entity will oversee dollar-backed RLUSD reserves and provide custody services to institutions under national-level supervision.

The firm filed the application last July and received conditional approval in December. The federal charter will sit alongside the existing New York state license held by Standard Custody & Trust Company.

CEO Brad Garlinghouse said the approval strengthens Ripple’s hand in payments, asset custody and capital markets. He noted that banks and crypto firms achieve more when they collaborate rather than compete.

The company will now work with the OCC, NYDFS and other regulators to complete the operational setup.

Based on information from cryptonews.net