OCC grants Ripple final approval for national trust bank
The charter lets Ripple supervise RLUSD reserves and offer fiduciary crypto custody under federal oversight.
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The Office of the Comptroller of the Currency granted Ripple final approval on October 26, 2026, to establish Ripple National Trust Bank, a federally supervised national trust bank. The decision completes a process that began with conditional approval in December 2025.
Once it opens, the bank will manage the segregated reserves backing Ripple USD (RLUSD), act as collateral trustee of those reserves for RLUSD holders, and provide fiduciary digital asset custody. As a trust bank it cannot take deposits or offer FDIC-insured accounts.
RLUSD will continue to be issued by Standard Custody & Trust Company, a limited purpose trust company regulated by the New York Department of Financial Services. The stablecoin now sits under state and federal supervision. Ripple said RLUSD, launched in December 2024, has a $2.5 billion market cap and is backed by US dollar deposits, US government securities and cash equivalents, with BNY as primary reserve custodian and monthly third-party attestations.
“For years, we’ve said crypto and banks work better together,” CEO Brad Garlinghouse said. He said the charter gives Ripple “an even stronger foundation for RLUSD.”
The approval is contested: community banks are challenging the OCC’s crypto charters in court, and Sen. Elizabeth Warren has called them illegal, Decrypt reported.