Blockchain provider Ripple has been granted final approval from the Office of the Comptroller of the Currency (OCC) to charter and form Ripple National Trust Bank (RNTB).
RNTB’s approved activities include managing the segregated reserves supporting Ripple USD (RLUSD), acting as collateral trustee of the reserves for the benefit of RLUSD holders, and providing fiduciary digital asset custody services.
RLUSD stablecoin for institutions will continue to be issued by Standard Custody & Trust Company (SCTC), Ripple’s limited purpose trust company that is regulated by New York Department of Financial Services (NYDFS).New York Department of Financial Services (NYDFS)-
“For years, we’ve said crypto and banks work better together. Final approval for Ripple National Trust Bank is what that looks like in practice,” Brad Garlinghouse, CEO of Ripple, said. “We’ve spent over a decade building regulated financial infrastructure that institutions can actually use at scale. A national trust charter gives us an even stronger foundation for RLUSD and the institutional products we’re building across payments, custody and capital markets.”
The bank formation brings federal OCC supervision to the regulatory infrastructure supporting RLUSD.
RNTB’s business plan extends beyond its role supporting RLUSD. Upon opening, the national trust bank will be authorized to provide fiduciary digital asset custody services, giving Ripple another federally supervised capability as enterprises increasingly integrate digital assets into existing payments, trading, and treasury infrastructure.
Launched in December 2024, RLUSD has grown to a $2.5 billion market cap and is being used across Ripple’s payments infrastructure and as collateral within Ripple Prime. BNY serves as the primary reserve custodian for RLUSD.
Ripple publishes monthly independent third-party attestations covering the stablecoin’s circulating supply and reserve assets. RLUSD is fully backed by U.S. dollar deposits, U.S. government securities, and other cash equivalents.
Ripple will continue to work closely with the OCC, NYDFS, and other regulators as RNTB begins operations.
Founded in 2012, Ripple is a leading provider of blockchain solutions. It also offers RLUSD stablecoin and the digital asset XRP.