Ripple Seeks US Banking License, Following Circle's Lead

Crypto firm Ripple Labs is following in Circle's footsteps, applying for a US banking license to bolster its ties with traditional finance and enhance trust in its stablecoin, RLUSD. CEO Brad Garlinghouse confirmed the application to the OCC, alongside a bid for a Federal Reserve master account to improve RLUSD security. This move comes amidst the passage of the GENIUS Act regulating stablecoins, and could set a new benchmark for trust in the stablecoin market due to the increased federal and state oversight. XRP, Ripple's token, saw a 3.2% price increase following the news.