Key Highlights
- The OCC granted Ripple final approval on October 26, 2026, to charter Ripple National Trust Bank, completing a process that began with an application in July 2025 and conditional approval in December 2025.
- The bank will operate under federal oversight with a limited fiduciary mandate, managing the segregated reserves backing RLUSD, acting as collateral trustee, and providing institutional digital asset custody, without taking deposits or making loans.
- RLUSD will continue to be issued by Standard Custody & Trust Company under NYDFS regulation, with the new OCC charter adding a second layer of supervision; the stablecoin now has a market capitalization of approximately $2.5 billion.
The Office of the Comptroller of the Currency granted final approval on October 26, 2026, for Ripple to charter Ripple National Trust Bank, a federally supervised national trust bank. The decision completes the process that began with conditional approval in December 2025 and an initial application filed in July 2025.
Ripple National Trust Bank will operate under federal oversight. Its approved activities centre on managing the segregated reserves that back RLUSD, which will serve as collateral trustee of those reserves for the benefit of RLUSD holders, and offering fiduciary digital asset custody services to institutional clients. The bank is limited to fiduciary functions. It will not take deposits or make loans.
RLUSD Structure Will Remain Unchanged
RLUSD will continue to be issued by Standard Custody & Trust Company, which is a limited-purpose trust company regulated by the New York Department of Financial Services. The new national trust bank adds OCC supervision to the existing state-level framework. This dual oversight strengthens the regulatory foundation for the stablecoin without altering its issuance process.
Launched in December 2024, RLUSD has reached a market capitalization of approximately $2.5 billion. The company uses it in its payments infrastructure and as collateral in Ripple Prime. Bank of New York Mellon acts as the primary reserve custodian. Ripple publishes monthly independent third-party attestations that cover circulating supply and reserve assets. Reserves consist of U.S. dollar deposits, U.S. government securities, and other cash equivalents.
Ripple CEO Praises OCC Approval
Ripple CEO Brad Garlinghouse said the approval reflects the company’s long-standing view that crypto and traditional banking work better together. “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. 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,” he stated.
The approval arrives as digital assets move deeper into mainstream payments and capital markets. It follows the GENIUS Act, signed into law in 2025, which established clearer rules for U.S. stablecoins. Ripple said it will continue working with the OCC, NYDFS, and other regulators as the bank begins operations and as the broader regulatory framework is implemented.
Ripple Gets OCC Approval, But Coinbase is Still at Conditional Stage
Ripple’s final approval comes after Circle received final OCC approval for its national trust bank in July 2026. Other firms, including Coinbase, remain at the conditional stage. National trust banks focus on holding and managing assets on behalf of clients. They differ from full-service commercial banks and typically do not carry FDIC insurance.
Upon opening, National Trust Bank will expand the company’s federally supervised capabilities for enterprises integrating digital assets into payments, trading, and treasury operations. The charter positions RLUSD and related services under dual state and federal supervision, reinforcing transparency requirements already in place through monthly attestations and reserve management practices.
