OCC Approves New Crypto Bank

Key Insights:

• Ripple receives OCC approval to create a federally regulated trust bank supporting its stablecoin $RLUSD.
• The OCC approved five firms including Ripple, BitGo, and Paxos for national trust bank charters.
• Ripple’s new bank will operate under both federal OCC and state NYDFS regulatory frameworks.

Ripple has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish Ripple National Trust Bank. This decision allows Ripple to move forward under a federal trust bank charter, placing it directly under federal supervision for the first time.

This approval is linked to Ripple’s upcoming launch of its U.S. dollar-backed stablecoin, $RLUSD. The company has stated that $RLUSD will follow both OCC and New York Department of Financial Services (NYDFS) oversight, aiming to meet federal and state-level requirements.

OCC Grants Five Trust Bank Charters

The OCC announced conditional approval for five national trust bank charter applications. Ripple was approved as a de novo national trust bank, along with First National Digital Currency Bank. Three firms—BitGo, Fidelity Digital Assets, and Paxos—received approval to convert from state trust companies to national trust banks.

The agency said the review process applied the same standards used in all charter reviews. Each application was assessed individually, based on current laws and regulatory expectations.

“The OCC applied the same rigorous review and standards it applies to all charter applications,” said the agency in its official statement.

Comptroller of the Currency Jonathan V. Gould added, 

New Players Enter the Federal Banking System

The federal trust bank charter places Ripple and the other approved firms in a group of approximately 60 national trust banks currently regulated by the OCC. These institutions provide specialized services such as digital asset custody and other trust-based offerings.

National trust banks are required to meet ongoing compliance and risk management standards. This includes capital planning, anti-money laundering controls, and operational risk systems. OCC oversight brings these firms into the same regulatory system that governs traditional banks.

Ripple’s new trust bank will operate within this framework. This is the first time the company has held a federal charter, moving its services into the traditional banking space with direct supervision.

Crypto and Banking Under One Roof

Ripple CEO Brad Garlinghouse reacted to the approval by addressing long-standing criticism from banking lobby groups. “Here’s the crypto industry – directly under the OCC’s supervision and standards – prioritizing compliance, trust and innovation,” he said. He also questioned the resistance from traditional finance players: “What are you so afraid of?”

Ripple’s federal charter is tied closely to the future release of $RLUSD, which the company says will be fully compliant with both federal and state rules. The stablecoin is designed to operate within the U.S. regulatory system from the start.

The OCC’s announcement reflects the growing role of digital asset firms in the national banking structure. These five new approvals add to over 1,000 national and federal banking institutions in the United States, all supervised by the OCC.