The Office of the Comptroller of the Currency (OCC) has given final approval to Ripple National Trust Bank, a federally chartered national trust bank that will manage the reserves behind Ripple’s dollar stablecoin, RLUSD. Ripple announced the approval on Monday, Oct. 26, the evening before its Swell conference opens in New York (Oct. 27–29).
Ripple applied in July 2025 and received conditional approval on Dec. 12, 2025. Monday’s decision moves the charter from conditional to final.
What the trust bank is approved to do
- Manage RLUSD’s segregated reserve assets.
- Act as collateral trustee on behalf of RLUSD holders.
- Provide fiduciary digital asset custody for enterprise clients.
RLUSD itself will still be issued by Standard Custody & Trust Company, Ripple’s trust company regulated by the New York Department of Financial Services. Ripple says that puts RLUSD under both state and federal oversight. Ripple puts RLUSD’s market value at about $2.5 billion; CoinGecko showed about $2.6 billion on Tuesday morning. BNY is the primary custodian of RLUSD’s reserves, and Ripple publishes monthly attestations.
“For years, we’ve said crypto and banks work better together. Final approval for Ripple National Trust Bank is what that looks like in practice,” CEO Brad Garlinghouse said.
What it is not
A national trust bank is not a commercial bank. Trust banks of this kind do not take deposits or make loans, and they do not carry FDIC deposit insurance. Ripple’s release describes what the bank will do “once open” and gives no opening date.
The approval does not involve any purchase or sale of XRP. RLUSD is a dollar-backed stablecoin. XRP traded near $1.30 Tuesday morning, up less than 1% over 24 hours, per CoinGecko.
Where it fits
Circle received final OCC approval for its national trust bank in July. Coinbase holds a preliminary approval from April, and Crypto.com and Bridge received conditional approvals in February.
The same day, the OCC separately urged community banks to consider applying, directly or through a subsidiary, to become permitted payment stablecoin issuers under the GENIUS Act. The OCC’s final GENIUS Act rule takes effect Jan. 18, 2027; applications open after the paperwork is cleared by the Office of Management and Budget.
The charter program faces a court challenge. On Oct. 2, the Independent Community Bankers of America (ICBA) sued the OCC in federal court in Washington, D.C., challenging the agency’s March 2026 chartering rule, a related interpretive letter, and one firm’s conditional trust bank approval. The ICBA argues that uninsured trust banks give crypto firms “a side door into the banking system.” The case is pending.
What to watch
- An opening date for Ripple National Trust Bank.
- Any RLUSD or bank-related announcements at Swell this week.
- Rulings in the ICBA case against the OCC.
- Final decisions on the remaining conditional charters.
Sources: Ripple, Business Wire, Office of the Comptroller of the Currency, CoinDesk, Decrypt, The Block, Cointelegraph, PYMNTS, CoinGecko.