Ripple has received approval from the U.S. Office of the Comptroller of the Currency to operate a national trust bank. The approval lets Ripple support its RLUSD stablecoin through a federally regulated platform. This matters because it signals U.S. regulators are opening bank-level status to crypto firms.
What actually happened
Ripple CEO Brad Garlinghouse said the Office of the Comptroller of the Currency has formally approved Ripple National Trust Bank, according to Wu Blockchain. The charter lets Ripple support its stablecoin RLUSD through a federally regulated banking platform and offer digital asset custody for enterprises. Ripple also announced a partnership with Coinbase. RLUSD is now live on Coinbase Prime, Coinbase Exchange and Coinbase retail apps. Users can convert US dollars and other dollar denominated stablecoins into RLUSD at a 1:1 ratio. Coinbase Global Exchange support, including RLUSD as collateral, is planned for later. RLUSD deposits and withdrawals already work on the XRP Ledger, Base and Ethereum, and Ripple will provide liquidity on Base.
How we got here
This approval follows a broader push by U.S. regulators to formalize crypto market structure. In the same week, Hyperliquid said Kraken parent Payward plans to become the first CFTC regulated deployer of its HIP-3 perpetual markets, pending approval, according to Wu Blockchain. RLUSD already settles across the XRP Ledger, Base and Ethereum, giving Ripple multiple chains to plug into once the trust bank charter is active. The Coinbase partnership extends RLUSD's reach into one of the largest US regulated exchanges, pairing regulatory status with distribution.
Why this matters for you
For RLUSD holders, the charter adds federal backing to a stablecoin that already moves across three chains. Coinbase users gain a direct 1:1 path between dollars and RLUSD, inside Prime, Exchange and retail apps. Enterprises get access to regulated custody from Ripple, a service previously split across third parties. Builders on Base, Ethereum and XRP Ledger may see deeper RLUSD liquidity once Ripple begins supplying it on Base directly. For the wider stablecoin market, a bank-chartered issuer sets a reference point other issuers will likely be measured against.
The bigger question
Does a national trust bank charter give Ripple's RLUSD a lasting edge over stablecoins that lack federal banking status? Or will regulators extend similar approvals widely enough that the advantage fades quickly? The outcome could decide whether stablecoin competition shifts from yield and liquidity toward regulatory status as the main differentiator for institutions choosing which dollar token to hold.
What to watch
Coinbase Global Exchange support for RLUSD, including collateral use, is expected to follow in the coming months, per Wu Blockchain. Hyperliquid plans to launch HIP-3 through a network upgrade after Payward's CFTC approval clears, a related regulatory milestone worth tracking. Bonuz readers following stablecoin infrastructure should watch for Ripple's first disclosed custody clients under the new charter.
