Ripple has just applied for a national banking license from the US Office of the Comptroller of the Currency (OCC), The Wall Street Journal reported on Wednesday.
If approved, the license would subject Ripple to federal oversight, complementing existing state regulation through the New York Department of Financial Services (NYDFS).
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The move would also consolidate the OCC's role in overseeing Ripple's upcoming stablecoin, RLUSD.
In addition, Ripple would consider offering additional crypto services.
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This follows Ripple's subsidiary, Standard Custody & Trust Company, applying for a Federal Reserve master account, which would allow it to hold direct reserves with the central bank.
Earlier this week, Circle also applied for a national banking license.