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OCC grants Ripple final approval to establish national trust bank
The charter allows Ripple to supervise RLUSD reserves and offer fiduciary crypto custody under federal oversight.
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The Office of the Comptroller of the Currency granted Ripple final approval on October 26, 2026, to establish Ripple National Trust Bank, a federally supervised national trust bank. The decision concludes a process that began with conditional approval in December 2025.
Ripple National Trust Bank will manage the segregated reserves backing Ripple USD (RLUSD), serve as collateral trustee for RLUSD holders, and provide fiduciary digital asset custody. The bank will not accept deposits or offer FDIC-insured accounts.
RLUSD will continue to be issued by Standard Custody & Trust Company, a limited purpose trust company regulated by the New York Department of Financial Services. The stablecoin is now subject to state and federal oversight. According to Ripple, RLUSD, launched in December 2024, has a $2.5 billion market capitalization and is backed by U.S. dollar deposits, U.S. government securities, and cash equivalents. BNY serves as the primary reserve custodian, with monthly third-party attestations.
“For years, we’ve said crypto and banks work better together,” said Ripple CEO Brad Garlinghouse. He stated the charter provides Ripple “an even stronger foundation for RLUSD.”
The approval faces opposition. Community banks are challenging the OCC’s crypto charters in court, and Senator Elizabeth Warren has described them as illegal, Decrypt reported.