Jul 3, 2025

Payments and stablecoin firm Ripple Labs Inc. and crypto custodian BitGo Inc. have applied for national bank charters, joining a crush of upstart financial services companies seeking such approval. Bloomberg BitGo, Ripple Join Wave of Firms Applying for US Bank Charters Payments and stablecoin firm Ripple Labs Inc. and crypto custodian BitGo Inc. have applied for national bank charters, joining a crush of upstart financial services companies seeking such approval. BitGo, which custodies billions of dollars in cryptoassets for clients, is weighing an initial public offering as soon as this year, Bloomberg News previously reported. The custodian’s corporate structure already includes two state-regulated trust companies, one in New York and one chartered in South Dakota. BitGo declined to comment on which of the two trust companies it had applied to the Office of the Comptroller of the Currency for approval to convert into a national bank. A spokesperson for the regulator confirmed receipt of a filing from BitGo, without providing further details. A Ripple spokesperson confirmed that the firm had applied to become a national bank in the US. The OCC declined to comment on Ripple’s petition beyond saying it “received a de novo charter application for Ripple National Trust Bank.” A de novo application, if approved, would see the creation of a brand new entity while a conversion would involve changing from one type of charter to another. Ripple also said it applied for a Federal Reserve master account, which would give it further access to the traditional US financial system. A Fed spokesperson didn’t immediately respond to a request for comment. The Ripple news was first reported Wednesday by the Wall Street Journal. Ripple and BitGo join the ranks of Circle Internet Group Inc. and Wise Plc, which have also recently applied for banking charters, spotting an opportunity to try their hand at obtaining the sought-after licenses now that the Biden administration’s closed-door policy seems to be changing under President Donald Trump. Ripple Chief Executive Officer Brad Garlinghouse said in a post on social-media platform X that the Fed master account, if approved, would allow the firm to hold its proprietary stablecoin reserves with the central bank directly and “provide an additional layer of security to future proof trust” in Ripple’s RLUSD stablecoin. “Ripple always has and will continue to build trusted, battle-tested and secure infrastructure,” Garlinghouse said in the post. “In a $250B market, RLUSD stands out for putting regulation first, setting the standard that institutions expect.” With assistance from Yizhu Wang. ©2025 Bloomberg L.P. This article was generated from an automated news agency feed without modifications to text. Business News Companies News BitGo, Ripple Join Wave of Firms Applying for US Bank Charters MoreLess Download App Trending Stories Popular Stocks Nifty 50 companies Latest Stories