Ripple Labs has applied for a banking license in the US, following Circle's similar move as crypto firms seek legitimacy by aligning with traditional finance under regulatory oversight. CEO Brad Garlinghouse announced the application for a national bank charter from the Office of the Comptroller of the Currency (OCC), emphasizing its commitment to compliance. He stated that the license, if granted, would provide a unique benchmark for trust in the stablecoin market with oversight from both federal and state authorities. This decision coincides with legislative efforts to regulate stablecoin issuers more closely. Ripple also applied for a Master Account with the Federal Reserve to secure reserves directly, enhancing trust in its USD-pegged stablecoin, RLUSD. The announcement positively impacted XRP, with the token's value rising over 3% following the news. Both Ripple and Circle are taking proactive steps to align with emerging regulations governing dollar-denominated stablecoins, reflecting a broader trend in the crypto industry towards regulation and legitimacy.

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