Ripple wins final OCC approval for national trust bank to manage RLUSD reserves

The U.S. Office of the Comptroller of the Currency (OCC) granted final approval on Oct. 26 for Ripple National Trust Bank (RNTB), Ripple's federally supervised trust bank, 10 months after conditional approval in December. Ripple said in a press release the same day that the approval marks the culmination of RNTB's organization process.

The bank will manage reserves for Ripple's U.S. dollar stablecoin RLUSD and provide custody services for digital assets. Circle, the issuer of the USDC stablecoin, which won conditional approval alongside Ripple in December, received final approval in July.

From conditional to final OCC approval

The OCC conditionally approved five crypto-related trust bank applications at once on Dec. 12, 2025. Ripple and Circle applied for new charters, while BitGo, Fidelity Digital Assets and Paxos sought to convert existing state trust companies into national trust banks. Conditional approval is a preliminary step that takes effect only after all pre-opening requirements are met.

1. December 2024Ripple launches the U.S. dollar stablecoin RLUSD
2. Dec. 12, 2025OCC conditionally approves five crypto trust banks, including Ripple and Circle
3. July 10, 2026Circle announces final approval for its trust bank, Circle National Trust
4. Oct. 26, 2026OCC grants final approval for Ripple National Trust Bank

"New entrants into the federal banking sector are good for consumers, the banking industry and the economy," Comptroller of the Currency Jonathan V. Gould said when the conditional approvals were announced last year. The OCC said that, once they meet its conditions, the institutions would join approximately 60 other national trust banks it supervises.

Reserves and custody

According to Ripple, RNTB is approved for three activities: managing the segregated reserves supporting RLUSD, acting as collateral trustee of those reserves for the benefit of RLUSD holders, and providing fiduciary digital asset custody services. The custody business extends beyond RLUSD and will also serve enterprise clients.

The company that issues RLUSD will not change. Standard Custody & Trust Company (SCTC), Ripple's limited purpose trust company regulated by the New York Department of Financial Services (NYDFS), will continue to issue the stablecoin. Ripple said RNTB adds a layer of federal OCC supervision on top of that structure.

"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."

Brad Garlinghouse, CEO of Ripple

National trust banks differ from ordinary banks. According to the OCC, most national trust banks do not offer loans or accept deposits and do not have Federal Deposit Insurance Corp. (FDIC) insurance. They rely mainly on fees from asset management and custody.

Community banks sue as crypto charters multiply

Crypto firms kept seeking trust charters this year. According to Cointelegraph, Crypto.com and Stripe-owned Bridge received conditional approvals in February, and Coinbase received one in April.

The charters have drawn pushback. The Independent Community Bankers of America (ICBA), a trade group for U.S. community banks, sued the OCC in the U.S. District Court for the District of Columbia on Oct. 2. The group asked the court to find unlawful the OCC's March 2 final rule on trust bank activities and Interpretive Letter No. 1176, and to set aside the conditional charter granted to Protego. Ripple is not named in the lawsuit. "Congress did not create the national trust charter as a side door into the banking system for crypto firms," ICBA President and CEO Rebeca Romero Rainey said.

RLUSD reaches $2.5 billion, also listed on Upbit

Ripple said RLUSD has grown to a $2.5 billion market cap. When it received conditional approval in December, Ripple said the stablecoin had surpassed $1 billion. RLUSD is backed by U.S. dollar deposits, U.S. government securities and other cash equivalents, with BNY as the primary reserve custodian. Ripple publishes monthly independent third-party attestations.

RLUSD is listed on the Korean won market of South Korean exchange Upbit under the name Ripple USD, where it last traded at 1,338 won on the morning of Oct. 27. XRP, the token associated with Ripple, traded at 1,739 won on Upbit and $1.3043 on Binance around 10:30 a.m. KST the same day. Converted to won, the Binance price was about 1,728 won, putting the Upbit price about 0.6% higher.

Ripple said it will continue to work closely with the OCC, NYDFS and other regulators. The U.S. enacted its stablecoin law, the GENIUS Act, in July last year and is now putting the detailed rules in place.