The Office of the Comptroller of the Currency on Oct. 26 granted final approval for Ripple to operate Ripple National Trust Bank, the company said, completing a chartering process that began with a conditional OK in December 2025. The decision shifts custody of the reserves backing Ripple’s stablecoin into federal oversight, even as issuance of the coin remains regulated by New York state authorities.
What the new bank will — and won’t — do
Ripple National Trust Bank will hold the reserve assets that back RLUSD, serve as collateral trustee for RLUSD holders and offer digital-asset custody services to institutional customers, Ripple said. The trust bank structure prevents it from accepting customer deposits or making loans, and it will not carry Federal Deposit Insurance Corporation protection, consistent with how national trust banks are generally treated by the OCC.
- Reserve custody: moved to a federally chartered institution supervised by the OCC.
- Issuance: remains with Standard Custody & Trust Company under the New York Department of Financial Services.
- No FDIC insurance: Ripple National Trust Bank cannot accept deposits or make loans and will not be FDIC insured.
That operational split means RLUSD now answers to two regulators: the New York Department of Financial Services (NYDFS) for issuance by Standard Custody & Trust Company, and the OCC for reserve custody at the newly approved national trust bank. Ripple acquired Standard Custody & Trust Company in 2024, and the company said the OCC approval was dated Oct. 26.
“We’ve always said crypto and banks work better together—this is what that looks like.” — Brad Garlinghouse, CEO of Ripple
Context and market size
RLUSD has grown to about $2.6 billion in market capitalization since its launch in December 2024, the company said. That represents a small fraction of the broader stablecoin market, which the source reports at roughly $308 billion.
The approval follows federal legislation enacted in July 2025 known as the GENIUS Act, which created a framework for stablecoin regulation and has prompted several crypto firms to seek federal bank charters or trust-bank arrangements. Ripple becomes the second major crypto company to complete the OCC’s full approval process in 2026; Circle received final OCC approval in July.
What it means for consumers and regulators
By placing reserve custody under an OCC-supervised bank, Ripple is aligning with a regulatory trend that aims to put stablecoin reserves under federal oversight. Consumers and institutional counterparties relying on RLUSD may see reserve management monitored by a federal regulator, but balances held as stablecoins remain distinct from FDIC‑insured deposits because the trust bank will not accept deposits. The split regulatory model also means compliance and oversight will involve both state and federal agencies.
| Function | Entity | Regulator |
|---|---|---|
| Reserve custody | Ripple National Trust Bank | Office of the Comptroller of the Currency |
| Stablecoin issuance (RLUSD) | Standard Custody & Trust Company | New York Department of Financial Services |
Ripple’s statement and the OCC approval document the regulatory steps taken; Ripple emphasized the move as an example of banks and crypto firms integrating operations under existing supervisory frameworks.
