Ripple formally filed with the Office of the Comptroller of the Currency (OCC) on August 4, 2025, for a national trust bank charter. According to Ripple’s press release, the national trust charter is an important step to becoming a legitimate Ripple Bank with regulated tokenized asset services. According to CoinMarketCap, the firm’s stablecoin, RLUSD, has already achieved a market cap of $470 million as of July 2025. Ripple’s growth in user trust and adoption in the real world is demonstrated in the transaction volume for RLUSD and RWX.
This effort is in line with functions being pursued by fintech competitor Circle, and shows at least a continuation in the evolution of the United States’ regulatory landscape. Ripple’s application is indicative of their desire to be legitimate within a mature digital asset ecosystem.
RLUSD Stablecoin Gains Momentum
Ripple’s RLUSD Stablecoin remains a centerpiece of the company’s tokenized financial ecosystem. Pegged to the U.S. dollar and backed with high-quality reserves, RLUSD has gained substantial traction as Ripple positions for OCC approval. The increasing use of RLUSD signals that Ripple is ready to both function in regulated banking, and compete with legacy firms.
At the same time, RLUSD’s market value of $470 million illustrates an increasing level of confidence in Ripple’s tokenized use cases, especially in cross-border payments and asset tokenization. RLUSD has become a foundational tool for businesses exploring blockchain settlements and fractionalized financial products. This traction adds weight to Ripple’s case for a trust bank charter, reflecting the increasing demand for stable, regulated digital currency platforms.
OCC Approval Reflects Regulatory Evolution
Ripple’s application for regulatory approval from the OCC coincides with unified regulatory activity that has changed the landscape for crypto firms in the US. On August 2, 2025, the SEC initiated “Project Crypto” with its own press release that redefined the treatment of most crypto assets as non-securities, which could relieve Ripple’s years of compliance burden as it faced a combined approach of civil liability from the SEC regarding the regulatory classification of Ripple’s digital assets.
With the Project Crypto and OCC approval in hand, Ripple’s aspirations to operate as a trust bank may be more realizable. OCC approval would give Ripple the basis of legal authority to conduct business across the United States as a regulated financial institution, and provide a framework through which Ripple could custody, settle, and tokenize, under the same federal framework. The timing of Ripple’s application illustrates Ripple’s use of the compliance momentum that is now present, to secure its regulatory position in Fintech.
Tokenization Trends Shape Ripple’s Strategy
At Ripple, their overarching vision is tokenization, a trend the company highlighted in its 2025 co report with BCG. Their report emphasizes how blockchain enables immediate settlement, high liquidity, and fractional ownership of banks’ typically illiquid assets like real estate. Ripple’s tokenization push also introduces secondary markets that aim to eliminate inefficiencies tied to asset illiquidity.
These developments align to help build out Ripple Bank’s plans for more accessible and efficient tokenized financial products. With traditional institutional interest in tokenized assets increasing, Ripple’s infrastructure seems well poised to be a regulated access point for traditional finance to blockchain innovation. The OCC approval would help build this bridge further and provide the regulatory clarity that Ripple needs to scale its tokenization approach.
Ripple Bank Poised for Institutional Role
Ripple’s transition into a national trust bank represents more than a regulatory milestone—it signals a strategic shift toward institutional-grade crypto services. The convergence of RLUSD Stablecoin growth, regulatory clarity from Project Crypto, and expanding tokenization demand builds a compelling case for Ripple’s trust charter. The company’s ability to align technology with compliance positions it as a frontrunner in the new wave of blockchain-based banking.
If the OCC grants approval, Ripple Bank could quickly become a central player in tokenized finance, offering regulated services that meet the expectations of enterprise users and institutional investors. With RLUSD at its core and a growing appetite for tokenized assets, Ripple is moving to redefine the contours of modern banking.
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