Ripple received conditional approval from the United States Office of the Comptroller of the Currency (OCC) to operate as a national trust bank.
This marks a significant milestone for the crypto firm seeking deeper integration with the U.S. banking system.
Related: Ripple beat the SEC — but did XRP really win?
In an announcement released on Dec. 12, the OCC said it had conditionally approved five national trust bank charter applications following a rigorous review process.
The other firms that received the approval include BitGo, Fidelity Digital Assets, and Paxos.
Subject to meeting regulatory conditions, the newly approved institutions will join roughly 60 national trust banks currently supervised by the federal banking regulator.
OCC Comptroller Jonathan V. Gould said new entrants into the federal banking system promote competition, innovation, and consumer access to financial services
A bank takes deposits and makes loans, while a national trust bank only safeguards assets and does not lend or take deposits.
National Trust banks are commonly used for custody, settlement, and fiduciary services, making them a natural fit for crypto and tokenized assets. For companies like Ripple, a trust bank status offers federal oversight and legitimacy without the risks of running a full consumer bank.
Ripple CEO Brad Garlinghouse said the move would initially support Ripple’s U.S. dollar stablecoin, RLUSD, and subject it to both federal oversight from the OCC and state-level supervision by the New York Department of Financial Services.
He framed the approval as a direct response to criticism from traditional banking lobbyists.
“To the banking lobbyists – your anti-competitive tactics are transparent. You’ve complained that crypto isn’t playing by the same rules, but here’s the crypto industry – directly under the OCC’s supervision and standards – prioritizing compliance, trust and innovation to the benefit of consumers. What are you so afraid of?”
XRP, Ripple’s native token, traded around $2, 0.8% higher in the past hour, following the announcement, while overnight it climbed by 0.6%.
Related: Ripple acquires new surprising stablecoin platform
This story was originally published by TheStreet on Dec 12, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
