Ripple Labs has formally applied to the U.S. Office of the Comptroller of the Currency (OCC) for a license to establish the Ripple National Trust Bank, according to newly disclosed application documents. The limited-purpose national trust bank, headquartered in New York, will function as a wholly-owned subsidiary focused exclusively on business-to-business (B2B) services.
The primary mandate involves managing reserves for Ripple's stablecoin RLUSD (Ripple USD) and developing regulated infrastructure for tokenized financial products. As revealed in the public portion of the application, the bank will not engage in lending or accept deposits, operating under exemptions from the Banking Comprehensive Revision Act (CRA). This structure positions Ripple to potentially gain direct access to Federal Reserve services in the future.
Notably, the application contains no mention of XRP, with analysts interpreting this as a deliberate strategy to separate the cryptocurrency from banking operations amid ongoing regulatory scrutiny. However, sources close to the matter indicate future XRP integrations remain possible despite the omission.
The five-member board will include Ripple Chief Legal Officer Stuart Alderoty, with Ripple Labs issuing special shares to executives. Significant portions of the application remain confidential, fueling speculation about potential IPO plans. Concurrently, Ripple is seeking a Fed Master Account to directly access central bank payment infrastructure.