Ripple Announces Final Approval for National Bank Charter to Support RLUSD Reserves and Asset Custody

Key Facts

Ripple announced in a statement published via Business Wire on October 26, 2026, that Ripple National Trust Bank had received final approval for a federally supervised national trust bank charter. The charter allows the bank to manage the segregated reserves backing the RLUSD stablecoin, act as a collateral custodian for its holders, and provide fiduciary digital asset custody services. Chief Executive Brad Garlinghouse said "crypto and banks work better together," adding that final approval puts that into practice. According to the company’s statement, the bank will add a regulatory and supervisory role to the stablecoin’s arrangements but will not take over its issuance. The announcement follows a conditional approval phase that began in December 2025, and Ripple’s statement said the bank would begin operations later.

The bank’s scope will be tied to managing and safeguarding RLUSD assets, not issuing the stablecoin. Ripple said Standard Custody & Trust Company, a limited-purpose trust company regulated by the New York Department of Financial Services, will continue to issue RLUSD. The roles are thus divided between the existing issuer and the proposed national bank, which will manage segregated reserves and act as collateral custodian for stablecoin holders. The approved activities also include fiduciary custody services for digital assets. The company says adding Office of the Comptroller of the Currency oversight will strengthen the regulatory framework around the stablecoin, while issuance arrangements remain unchanged.

Garlinghouse linked the move to Ripple’s efforts to build regulated financial services for institutions, saying the company had spent more than a decade building regulated financial infrastructure that institutions can use at scale. He added that the national charter gives the company a stronger foundation for RLUSD and its institutional products in payments, custody and capital markets. The stablecoin dates back to December 2024, when the company launched it, and Ripple put its market capitalization at about $2.5 billion in its statement. The company also named Bank of New York Mellon, "BNY," as primary custodian of the reserves. Ripple says it publishes independent third-party attestations each month on RLUSD’s circulating supply and reserve assets.

The final approval announced by Ripple remains separate from the Office of the Comptroller of the Currency’s open decision record, which still lists the Ripple National Trust Bank application under preliminary conditional approval dated December 12, 2025. The preliminary approval letter said the bank could not begin conducting banking activities before meeting pre-opening requirements and receiving final authorization to commence business. The office also reserved the right at that stage to modify, suspend or revoke the conditional approval before the requirements were met. The letter imposed a minimum tier 1 capital requirement of $11.7 million, along with qualifying liquidity equal to 180 days of operating expenses. The announced approval alone does not mean the bank has started operating or that it will provide retail banking services.

The preliminary approval conditions included notifying the Office of the Comptroller of the Currency at least 60 days in advance if the bank intended to make a material change to its business plan or operations. The bank was also required to notify the office at least 60 days before its planned opening date and request a pre-opening examination. Ripple said it would continue working with the office, the New York Department of Financial Services and other regulators as the bank begins operations and implements the U.S. regulatory framework established by the GENIUS Act. More broadly, the OCC said it had received 40 applications to establish new banks during the preceding 18 months, including applications for national trust banks. Comptroller of the Currency Jonathan Gould said "the entry of new institutions into the federal banking sector is beneficial for consumers, the industry and the economy."

The Federal Open Market Committee meeting is scheduled for October 27 and 28, 2026, according to the Federal Reserve’s calendar. The initial draft had referred to October 28 alone as the date of the rate decision, but the calendar lists those two days as the meeting dates. Neither Ripple’s announcement nor the sources cited in the evidence provide a reading on market moves or a price impact from the approval. According to its statement, the company plans to continue coordinating with regulators as operations begin. The operational step remains contingent on completing the bank’s arrangements and supervisory framework.