Ripple wins final U.S. approval for its own trust bank

One of crypto's biggest names just got a federal banking license. On Oct. 26, the Office of the Comptroller of the Currency gave final approval to Ripple National Trust Bank. It is a trust bank, a specialized kind. It will hold the reserves behind Ripple's RLUSD stablecoin. It will also store digital assets for big institutional clients.

A stablecoin is a crypto token meant to stay worth one dollar. It is only as safe as the money behind it. RLUSD's reserves are dollar deposits, U.S. government securities and other cash-like assets. The token has grown to about $2.5 billion in value since its December 2024 launch. Now a federal regulator oversees the reserves and custody, on top of New York's oversight. CEO Brad Garlinghouse said final approval is what it looks like when "crypto and banks work better together." The approval does not move RLUSD's issuing to the new bank. That job stays with Ripple's New York-regulated unit, Standard Custody & Trust Company.

Keep reading — what to watch

Will the bank change who trusts RLUSD? That depends on when it opens and who signs up. The U.S. is rolling out new stablecoin rules under the GENIUS Act. Ripple says it will keep working with the OCC and New York regulators as the bank starts up. Watch for a launch date and for the first big customers of its custody service. The approval is permission to operate. It is not yet a customer list.