The company received regulatory permission to begin operating its own bank, Ripple National Trust Bank, according to a Monday (Oct. 26) press release, and on Tuesday (Oct. 27) announced new partnerships with BNY and Robinhood.
The Office of the Comptroller of the Currency gave its final approval for the national bank charter, Ripple CEO Brad Garlinghouse said in a Monday post on social platform X.
“This gives Ripple a federally supervised platform to support RLUSD and provide digital asset custody to enterprises,” Garlinghouse said in the post. “We’ve always said crypto and banks work better together—this is what that looks like. Real innovation, real accountability, federal oversight.”
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The OCC’s permission follows the regulator’s conditional approval granted in December and “reinforces the company’s longstanding commitment to building digital asset infrastructure within the regulated financial system,” the press release said.
The OCC’s approval came as the regulator faces legal action over its handling of bank charter requests from cryptocurrency firms. Independent Community Bankers of America sued the OCC this month, accusing it of allowing crypto firms into the banking system without subjecting them to the same level of scrutiny as community banks, PYMNTS reported Oct. 2.
Meanwhile, Ripple announced in a Tuesday press release that it is expanding its collaboration with BNY to “broaden institutional digital asset custody capabilities and explore new institutional use cases for blockchain technology, including tokenized trade finance.”
The collaboration joins Ripple’s digital asset solutions and its XRPL Ledger blockchain with BNY’s “scale, servicing model and digital capabilities,” the release said, meaning that BNY now supports XRP, the native digital asset of the XRP Ledger, and RLUSD on its digital asset custody platform.
“We’re moving past the initial issuance of assets on-chain,” Ripple President Monica Long said in the release. “Now, it’s all about making these tokenized assets usable for payments and collateral across financial markets. With BNY, we’re connecting the necessary components of financial infrastructure on the XRP Ledger so institutions can move from holding digital assets to using them within capital markets and trade finance seamlessly.”
Also Tuesday, Ripple announced in a separate press release that RLUSD will be a “key stablecoin” in Robinhood’s digital asset ecosystem, “expanding access to the enterprise-grade stablecoin for both retail and institutional use.”
RLUSD is live on Robinhood Chain and Bitstamp by Robinhood, and it is expected to become available on the Robinhood app later this year, according to the release.
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