Ripple’s Progress Towards National Trust Bank
Ripple is making strides towards fulfilling the final pre-launch requirements for the establishment of Ripple National Trust Bank (RNTB). Last December, the Office of the Comptroller of the Currency (OCC) granted the company conditional approval, and Ripple is now focusing on securing full authorization.
Banking Charter and Its Implications
This banking charter would enable Ripple to function as a legally regulated trust bank in the United States, specifically allowing it to provide custody and settlement services. However, it does not permit traditional banking activities such as holding deposits or offering consumer loans.
Future Plans
Ripple intends to leverage this charter to facilitate institutional custody, manage cross-border transactions, and support the reserves of its USD-pegged stablecoin, RLUSD.
