Ripple applied for a national bank charter with the Office of the Comptroller of the Currency (OCC) on July 2, CEO Brad Garlinghouse wrote in a post on X.
The filing would place Ripple USD (RLUSD) under federal supervision while maintaining its existing oversight by the New York Department of Financial Services, creating a “new benchmark for trust in the stablecoin market.”
Garlinghouse added that Standard Custody & Trust Co., the Ripple subsidiary that issues RLUSD, submitted a separate request on June 30 for a Federal Reserve master account.
That account would enable the trust to maintain RLUSD reserves directly at the Fed, rather than through commercial banks, similar to how custodial banks hold client funds.
An OCC approval would place Ripple among that small cohort and, if the Fed grants Standard Custody’s request, make RLUSD the first stablecoin with direct central bank access.
Dual oversight for RLUSD
According to a Wall Street Journal report, Ripple argues that OCC supervision and Fed account access together address institutional due diligence checklists that still limit the use of stablecoins.
Data from Artemis shows that RLUSD’s supply grew by nearly 490% in 2025, surpassing $455 million. The transaction volume recorded a new all-time high in June, touching $2.6 billion.
Ripple’s stablecoin already undergoes monthly attestations and holds cash and short-dated Treasuries in bankruptcy-remote custody accounts.
The report cited Jack McDonald, senior vice-president for stablecoins at Ripple, who said the national charter and master account would “set a new bar for transparency and compliance in the stablecoin market.”
Linqto probe
The charter announcement landed hours after Garlinghouse publicly denied any formal relationship with Linqto, a private equity marketplace now under investigation by the Securities and Exchange Commission and the Department of Justice for alleged unregistered share sales.
In a separate July 2 post on X, Garlinghouse said Ripple never sold equity to Linqto and that the platform’s 4.7 million Ripple shares came entirely from secondary purchases. He also reminded investors that Ripple halted approvals for Linqto-related secondary transfers in late 2024.
Linqto’s former chief executive, William Sarris, faces accusations of inflating Ripple share prices by more than 60% and marketing special-purpose-vehicle units to about 5,000 non-accredited investors.
Those allegations surfaced as regulators examine whether the platform violated securities rules by pooling private-company stock in opaque structures.
The OCC will now review Ripple’s business plan, capitalization, risk controls, and management history. The process usually includes a public comment period and can stretch beyond 12 months.
