Ripple Wins Final OCC Approval for Trust Bank Behind $2.6B RLUSD Stablecoin

The federally supervised bank will manage RLUSD's reserves and offer custody, as banking groups fight crypto charters in court.

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Mechanisms of the New Regulatory Structure: Ripple's new federally supervised national trust bank will manage reserves for the $2.6 billion RLUSD stablecoin and provide fiduciary digital asset custody for enterprise clients. Crucially, this does not replace existing state regulation; RLUSD remains issued by a New York-regulated entity, meaning the stablecoin now operates under a dual layer of oversight from both state authorities and the federal Office of the Comptroller of the Currency (OCC).
Legal and Industry Challenges: The OCC's issuance of national trust charters to crypto firms faces significant resistance from banking industry groups and lawmakers who argue that these charters circumvent capital requirements and consumer protection obligations. Critics, including certain legislators and the Independent Community Bankers of America, have initiated legal actions, characterizing these approvals as an unauthorized 'side door' into the traditional banking system.