Ripple, the creator of XRP and the newly introduced stablecoin RLUSD, has officially applied for a national banking license in the U.S. This move aims to legitimize the company within the country's financial system.
Significance of Ripple's Application
The application was submitted to the Office of the Comptroller of the Currency (OCC) and signifies Ripple's ambition to become a fully regulated player in the U.S. financial system. This is a crucial step for the company seeking federal oversight.
Potential Benefits for Ripple
If approved, Ripple could provide its services directly, which may facilitate faster and cheaper cryptocurrency payments. This would also give RLUSD a compliance edge over competing stablecoins.
Connection to Traditional Banking
Ripple could serve as a bridge between Web3 innovations and traditional banking infrastructure. With direct access to the Federal Reserve and federal approval, Ripple is poised to integrate into the existing financial ecosystem.
Obtaining a national banking license in the U.S. could significantly strengthen Ripple's market position and further promote the development and legitimization of cryptocurrency.
