Ripple Labs is applying for a banking license in the US, following Circle's example, amid legislative moves to regulate stablecoin issuers. CEO Brad Garlinghouse announced the application to the Office of the Comptroller of the Currency (OCC) via social media, emphasizing the company's commitment to compliance. An approved license would establish a new standard of trust in the stablecoin ecosystem, providing federal and state oversight, particularly for Ripple's USD stablecoin, RLUSD. Garlinghouse noted that Ripple is also seeking a Federal Reserve Master Account, which would enable the company to manage RLUSD reserves directly with the Fed, thereby enhancing security. This endeavor aligns with a new stablecoin regulation bill before Congress that proposes federal oversight for larger stablecoin issuers. XRP, Ripple's native token, saw a significant price increase around this announcement, reflecting market optimism about the company's regulatory approach and future stability in the stablecoin market.

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