TechFlow, July 3 — According to The Wall Street Journal, cryptocurrency company Ripple has submitted an application for a national bank charter to the U.S. Office of the Comptroller of the Currency (OCC), becoming one of the crypto firms seeking to enter the mainstream financial sector. The company primarily manages cross-border payments and issues RLUSD, a dollar-backed stablecoin.
If approved, the OCC would become the regulator overseeing Ripple's stablecoin operations. Stablecoins are typically pegged to government-issued currencies like the U.S. dollar and maintain a 1:1 redemption ratio through reserves of safe assets such as cash or Treasury securities.
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