Ripple has received conditional approval for bank status in the US.

In recent times, with the increasing interest in cryptocurrencies, investors have turned their attention to the latest developments regarding Ripple. The Office of the Comptroller of the Currency (OCC) announced that Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos have received conditional approval for national trust bank status.

With this approval granted to Ripple National Trust Bank by the OCC, a historic turning point in the crypto sector is being witnessed. Ripple Labs is a US-based cryptocurrency company known particularly for its XRP Ledger ecosystem. On the other hand, Circle continues to proceed with the new structure called First National Digital Currency Bank. Circle CEO Jeremy Allaire stated that this development would greatly contribute to bringing stablecoins and blockchain technologies into the mainstream.

Additionally, the OCC has mapped out a similar path for other companies, including BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company. Once these approvals are completed, these companies will be unable to accept cash deposits or issue loans, but they will be able to securely hold customers' digital assets within a legal framework. With the new administration, it is observed that cryptocurrency regulations in the US have become more favorable.

OCC President Jonathan V. Gould shared his views that these new developments would have positive outcomes for consumers and the economy within the banking system. The GENIUS Act, passed in 2023, implemented a one-to-one reserve requirement for stablecoin issuers in cash and short-term US Treasury bills. If Ripple obtains a national banking license, it aims to bring its RLUSD stablecoin under OCC supervision. Ripple CEO Brad Garlinghouse stated that this process would place them under the oversight of both the New York State Department of Financial Services and federal level, establishing a new standard of trust in the stablecoin market.

Among other cryptocurrency companies, Coinbase, Crypto.com, and Bridge under Stripe are also among the firms applying for a federal bank license in the US. Currently, the only crypto firm that has managed to achieve this status is Anchorage Digital. All these developments are directing investors to watch closely.