Ripple, the digital asset company closely associated with the XRP Ledger network, asked on Wednesday a national banking license at the office of the controller of the currency of the currency (OC)A spokesperson confirmed at Coindesk.
The license would allow the company to extend its cryptography services and operate in state lines under federal regulations. Ripple emits the Stablecoin Rlusd of $ 440 million regulated by the New York Financial Services Department (Nydfs)And also provides digital asset childcare services.
The Wall Street Journal reported the news on Wednesday on Wednesday on Wednesday.
Xrp
The native cryptocurrency of the XRP Ledger network focused on payments, increased by 3% on the news.
Ripple’s request comes after USDC Issueer Firm Circle (CRCL) Also filed a similar license earlier this week, a sign that Stablecoin companies are looking for federal surveillance as American legislation to regulate the progress of stablescoins and the structure of the cryptographic market. The House of Representatives currently has the Stablecoin bill of the American Senate.
Crypto Gustodian Anchorage Digital already has a federal charter.
“If it is approved, we would have both states (via nydfs) and federal surveillance, a new (and unique) Benchmark for Trust in the Stablecoin Market, “said Brad Garlinghouse, CEO of Ripple, in a post.
Garlinghouse said that the company also asked for a main account from the federal reserve earlier in the week via the Standard Guard, the Trin and Guard Society of New York, Ripple, acquired last year. The main accounts allow banks and deposit institutions to directly access the federal reserve, rather than requiring them to go through intermediate banks.
If obtained, a Fed account would allow Ripple to store its Stablecoin reserves such as US Treasury Bonnes with the Central Bank and “provide an additional safety layer to Future Proof Trust in Rlusd”, said Garlinghouse.
For a long time, companies focused on cryptocurrency like Kraken and Caitlin Long’s Custodia Bank tried without success to obtain accounts at the Fed.
UPDATE (July 2, 18:40 UTC):: Add the comments of Brad Garlinghouse to the banking charter and the Master Fed account request.
