Ripple Wins Final OCC Approval for the Trust Bank Behind RLUSD

RLUSD, Ripple's $2.5 billion stablecoin, is getting a federally supervised trust bank to manage its reserves. Ripple said Monday that the Office of the Comptroller of the Currency granted final approval to Ripple National Trust Bank.

Issuance doesn't move. Standard Custody & Trust Company, regulated by the New York Department of Financial Services, will keep minting the token. The new bank adds OCC supervision on top. It will manage the segregated reserves, act as collateral trustee for RLUSD holders and offer digital asset custody to businesses.

RLUSD was worth about $2.58 billion near midnight ET, per CoinGecko. Ripple said it is backed by U.S. dollar deposits, government securities and cash equivalents, with BNY as primary reserve custodian.

"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," CEO Brad Garlinghouse said in the release.

Ten months from conditional to final

The OCC gave conditional approval on Dec. 12, 2025, in the same batch as Circle's First National Digital Currency Bank, BitGo, Fidelity Digital Assets and Paxos. A trust charter isn't a full bank license. The bank can't take deposits or make loans, The Block reported.

Banks pushed back

The Bank Policy Institute asked the OCC in an October 2025 letter to reject the application. It argued that approving the charter would stretch the agency's legal authority, add new risk to the financial system and tilt the field against traditional banks that carry the full load of bank rules. That fight isn't new. The Independent Community Bankers of America has also opposed such charters for nonbank fintechs. We found no statement from either group on Monday's approval.

Ripple didn't say when the bank will open or what custody will cost.

In our opinion: the date to chase now is opening day, and Ripple hasn't named one.