Crypto firm Ripple Labs has officially applied for a banking license in the United States, following a similar move by stablecoin issuer Circle Internet Group, in an effort to bridge the gap between digital assets and the traditional financial system.
Ripple CEO Brad Garlinghouse reported on the X platform that they are applying for a license with the Office of the Comptroller of the Currency (OCC).
He said, in line with our long-term commitment to compliance, Ripple is applying for a national bank charter from the OCC.
Garlinghouse stressed that the approval of the license will be a new benchmark for trust in the stablecoin market, as the firm will be subject to federal and state oversight.
The move is seen as Ripple’s long-term strategy to strengthen confidence and active participation in a financial ecosystem that is increasingly focused on compliance.
According to CoinGecko data, the XRP token has recorded a 3.2% increase, trading around $2.24 in the 24 hours since the news was announced.
This price movement reflects positive market sentiment towards Ripple's efforts to gain official banking recognition, a move that is seen as strengthening the legitimacy and confidence in the XRP token and ecosystem.
