Key Takeaways
- The U.S. Office of the Comptroller of the Currency has granted Ripple full authorization to operate Ripple National Trust Bank.
- Initial conditional clearance was issued on December 12, 2025.
- The institution will oversee segregated reserves for RLUSD, serve as collateral trustee, and provide custody for digital assets.
- Standard Custody & Trust Company will continue issuing RLUSD under New York state regulatory authority.
- As of October 22, 2026, RLUSD maintained approximately $2.38 billion in circulation backed by $2.53 billion in reserves.
Ripple has secured full authorization from the U.S. Office of the Comptroller of the Currency to operate Ripple National Trust Bank. CEO Brad Garlinghouse announced the milestone in advance of the company’s Ripple Swell conference.
The clearance marks the completion of a regulatory journey that commenced in December 2025. The federal charter brings the firm’s RLUSD stablecoin reserve management and digital asset custody operations under direct federal regulatory authority.
“For years, we’ve said crypto and banks work better together. Final approval for Ripple National Trust Bank is what that looks like in practice,” Garlinghouse said.
He emphasized that the company has dedicated over ten years to constructing regulated financial infrastructure designed for institutional participants. According to Garlinghouse, the charter provides a more robust foundation for Ripple’s activities across stablecoins, payment systems, custody solutions, and capital markets.
“The revolution isn’t happening outside the system. It’s happening from within it,” Garlinghouse wrote on social media.
The OCC issued provisional approval for the trust institution on December 12, 2025. That initial authorization stipulated additional regulatory and operational requirements that Ripple needed to satisfy before commencing operations.
Trust Bank’s Role in RLUSD Operations
The federally chartered institution is authorized to oversee segregated reserve assets backing RLUSD. It will additionally function as collateral trustee for RLUSD holders and deliver fiduciary digital asset custody capabilities.
Issuance of RLUSD will remain with Standard Custody & Trust Company. This entity operates as a limited-purpose trust company under the regulatory jurisdiction of the New York State Department of Financial Services.
The national trust bank introduces federal supervisory oversight alongside existing state-level regulation. The issuer’s responsibilities and structure remain unchanged.
BNY continues serving as the principal custodian for RLUSD reserves. The trust bank’s reserve management function will integrate with this established arrangement, meaning reserve holdings are unlikely to be transferred immediately.
Ripple releases monthly attestation reports on reserves, verified by independent third parties. Its transparency dashboard indicated approximately $2.38 billion in outstanding RLUSD tokens supported by $2.53 billion in reserve assets as of October 22, 2026.
The firm’s October 26 statement estimated RLUSD’s total market capitalization at roughly $2.5 billion.
Institutional Custody Capabilities
A national trust bank differs fundamentally from traditional retail banking institutions. Its focus centers on fiduciary responsibilities and custody functions, not consumer deposits or lending activities.
The custody offerings target financial institutions, asset managers, payment service providers, and corporate treasury departments. These organizations typically require custody arrangements that satisfy rigorous compliance frameworks and governance standards.
The regulatory approval itself does not automatically establish new client relationships. It likewise provides no assurance of increased demand for Ripple’s institutional offerings.
The authorization follows enactment of the GENIUS Act, which became law in July 2025. This legislation established a comprehensive federal regulatory structure for payment stablecoins throughout the United States.
The OCC has additionally urged community banking institutions to pursue designation as authorized payment stablecoin issuers under the new statutory framework.
Ripple indicated it will maintain ongoing coordination with the OCC, the New York State Department of Financial Services, and additional regulatory bodies as the trust bank progresses toward operational launch.
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