Ripple has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank. Ripple National Trust Bank will manage the reserves backing the company’s dollar-pegged stablecoin, RLUSD, and provide digital asset custody services to institutional clients. The decision expands federal oversight of Ripple’s stablecoin and custody operations.
The company announced the development overnight between October 26 and 27, Turkish time. In a post on X, Ripple CEO Brad Garlinghouse said the new bank would serve as a federally supervised platform supporting RLUSD and serving businesses. Ripple also published an announcement confirming the final OCC approval on its official press page.
Garlinghouse reiterated his view that crypto companies and banks work better together. He emphasized innovation, accountability, and federal oversight.
What services will Ripple National Trust Bank offer?
Ripple National Trust Bank will focus on managing RLUSD reserves and safeguarding digital assets. The bank will have the authority to manage the segregated reserves backing RLUSD. It will also act as collateral trustee for those reserves on behalf of RLUSD holders.
The new entity will provide fiduciary digital asset custody services to institutional clients. This will allow Ripple to develop its stablecoin infrastructure and institutional custody operations under federal supervision.
However, a national trust bank charter does not cover the full range of services offered by traditional commercial banks. The charter does not authorize Ripple to accept deposits or issue loans. Its scope remains limited to safeguarding assets, managing reserves, and providing related trust services.
This distinction is important for understanding the scope of the decision. Ripple’s approval does not mean the company will open deposit accounts for retail customers or offer consumer loans. The new bank will focus on institutional digital asset services and RLUSD’s reserve structure.
RLUSD’s issuer will remain unchanged
Although the new bank will take on responsibility for managing RLUSD reserves, the stablecoin’s issuer will remain unchanged. Standard Custody & Trust Company, Ripple’s entity regulated by the New York Department of Financial Services (NYDFS), will continue issuing RLUSD.
The new structure will therefore maintain issuance and reserve management through separate entities. Standard Custody & Trust Company will retain its existing issuance role, while Ripple National Trust Bank will handle reserve and custody services within its authorized scope.
The national bank charter adds federal OCC supervision to the stablecoin’s existing state-level oversight. Ripple will therefore maintain two layers of regulatory supervision around RLUSD.
RLUSD, which launched in December 2024, has reached a market capitalization of $2.5 billion, according to the company. The stablecoin is used across Ripple’s payment infrastructure. Users can also use RLUSD as collateral within Ripple Prime.
The new bank’s reserve management role will form part of the infrastructure supporting these use cases. The company’s announcement focuses on strengthening federal oversight and institutional services within the new structure.
The application process began in July 2025
Ripple first applied for a U.S. bank charter in July 2025. The OCC granted the company conditional approval on December 12, 2025. Final approval followed less than a year after that initial decision.
Conditional and final approvals represent different stages of the chartering process. The initial decision requires the applicant to meet specified conditions. The final decision indicates that Ripple has cleared a key regulatory threshold in establishing its national trust bank.
Ripple’s approval comes as crypto companies increasingly seek federal banking supervision. Circle, the issuer of USDC, also announced in July that it had received final OCC approval to establish a national trust bank.
However, trust bank charters granted to crypto companies remain a subject of debate in the United States. Senator Elizabeth Warren is among those who have questioned the legal basis for these approvals and the risks they could pose to the financial system.
Industry group The Digital Chamber, meanwhile, has highlighted the limited scope of the charters. It argues that trust banks’ powers are restricted to asset management and related services, and that applicants voluntarily submit to federal supervision.
