Last Updated on November 5, 2026 by TMB
Ripple Labs Inc., the giant enterprise blockchain and financial technology firm, has received a license to charter a national trust bank in the United States. Ripple has announced it can now operate Ripple National Trust Bank (RNTB) after receiving final approval from the Office of the Comptroller of the Currency (OCC).
A Ripple press release explains that the approval completes the company’s organization process, after the OCC provided conditional approval in December 2025. Once operations begin, RNTB will manage the reserves backing Ripple’s stablecoin (RLUSD). The bank will also serve as a collateral trustee for these reserves for stablecoin holders. In addition, RNTB will provide fiduciary digital asset custody services for enterprises looking to adopt or integrate digital assets into their existing operations and services.
Crypto and Banking Synergy
In the release, Ripple CEO Brad Garlinghouse explains that crypto and banks work well together, saying an institution like RNTB would be the result of that collaboration. Garlinghouse also expressed the belief that institutions need a financial framework that benefits them.
“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.”
Ripple began issuing RLUSD in December, joining a growing list of companies with their own stablecoins. RLUSD is issued by Standard Custody and Trust Company, a limited purpose trust company owned by Ripple, and regulated by the New York Department of Financial Services (NYDFS). Ripple says BNY is the primary reserve custodian for the stablecoin, and that it publishes independent third-party attestations every month. These cover RLUSD’s reserve assets and circulating supply. Ripple’s news release says RLUSD is fully backed by several types of assets, including dollar deposits and government securities, in addition to cash equivalents.
Stablecoins Boost Dollar Demand
Over the years, several traditional finance companies have launched their own stablecoins as more institutions enter the crypto market. Among them are PayPal, Bank of America, Goldman Sachs, and JPMorgan. Fund transfer rival giants MoneyGram and Western Union have also launched the MGUSD and USDPT stablecoins, respectively.
Recently, US Treasury Secretary Scott Bessent spoke favorably about cryptocurrencies and stablecoins. According to him, military protection used to serve as backing for the world’s reserve currencies. However, while he believes the military component is necessary, he says technology is also becoming increasingly relevant. In a recent conversation with Garlinghouse at Ripple’s Swell event, Bessent argues that more than 90% of stablecoins are pegged to the US dollar. This means increased stablecoin adoption would significantly raise demand for the dollar.
