Ripple asked for a national banking license with the US office of the Currency Controller (OCS), becoming the last cryptocurrency company to look for at the entrance to the consumer finance, the Wall Street Journal reported Wednesday.
The cross -border payment company, which manages the Stablecoin Rlusd supported by a dollar, filed its request Wednesday with the OCS. This decision follows the recent request to charter at the National Trust Bank, as indicated earlier this week.
Circle applies to the American trust bank license following an IPO of $ 18 billion
The Stablecoin giant is looking for self-cherry reserves and expanding institutional services
A Charter of the National Trust Bank would bring the stable coin Rusd de Ripple by virtue of OCS surveillance, supplementing its current regulations at the level of the State through the New York Department of Financial Services. Jack McDonald, Vice-President Director of Ripple Stablecoins, said the double regulatory framework “would have essentially established a new transparency and compliance bar on the StableCoin market”.
Separately, the company Standard and the Standard company of Ripple Standard Pustody requested a main account of the Federal Reserve on Monday. The account would allow Ripple of childcare reserves directly with the Fed and the issue and exchange stalls outside normal banking hours.
Ripple said he would plan to offer additional crypto services via his banking license over time.
Follow the Circle’s advance
The request comes just a few weeks after Circle, the transmitter of the Stablecoin USDC, filed a request for a charter of the National Trust Bank after its IPO last month. The entity proposed by Circle would operate as First National Digital Currency Bank, NA, and allow the company to self-assurance its reserves and provide institutional cryptography guard services.
The two applications reflect the strategic positioning of the cryptographic industry before the federal legislation expected of the stable. The Congress advances the Act on Engineering, which would make banking licenses a requirement for stable issuers.
Rlusd, launched by Ripple at the end of last year, has a market capitalization of approximately $ 469 million according to CoinmarketCap. The Circle USDC ranks like the second largest stablecoin with a market capitalization of $ 62 billion.
Currently, Customo Custodian Anchorage Digital remains the country’s only digital currency company with a federal banking charter. If it is approved, Ripple and Circle would join this exclusive category.
McDonald noted that if individual investors and cryptocurrency companies have led to the initial growth of stablescoin, institutional investors awaited greater regulatory monitoring before entering the market. “Investment companies with deep pockets and other institutions were waiting for the market to be under greater regulatory surveillance before entering the fray,” he said.
Applications point out the efforts of cryptographic companies to fill traditional and digital funding assets as regulatory clarity approaches and accelerate institutional adoption.
