Ripple wins final OCC nod for trust bank

Ripple has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish Ripple National Trust Bank (RNTB) as a federally supervised national trust bank. The decision, announced on October 26, 2026, completes an organizational process that began with conditional approval in December 2025 and allows the cryptocurrency-focused company to operate a specialized bank under federal supervision.

The final charter authorizes RNTB to operate as a de novo federal trust bank, distinct from a full‑service commercial bank. National trust bank charters do not permit deposit‑taking or lending and do not offer FDIC‑insured accounts, limiting Ripple National Trust Bank to trust and related fiduciary services under OCC oversight.

Ripple National Trust Bank’s approved activities center on Ripple USD (RLUSD), the company’s U.S. dollar‑pegged stablecoin. The bank is authorized to manage the segregated reserves supporting RLUSD, act as collateral trustee of those reserves for the benefit of RLUSD holders, and provide fiduciary digital asset custody services to institutional and enterprise clients.

Under the new structure, the RNTB will oversee the real‑world assets that back RLUSD, while custody services will be offered to institutions integrating digital assets into payments, trading, and treasury operations. The bank’s charter specifies that it cannot accept deposits, underscoring its role as a fiduciary platform rather than a retail or commercial lender.

The OCC approval does not change the issuer of RLUSD. The stablecoin will continue to be issued by Standard Custody & Trust Company (SCTC), Ripple’s limited purpose trust company regulated by the New York Department of Financial Services. This structure places issuance under state oversight while locating reserve management and custody within a federally supervised national trust bank.

With RNTB in place, RLUSD now operates under a dual‑layer framework in which state and federal regulators oversee different parts of its setup. Ripple has said it will continue working with the OCC, NYDFS and other authorities as the bank begins operations and as the U.S. implements its federal stablecoin framework.

RLUSD was launched in December 2024 and has grown to a market capitalization of $2.5 billion. The token is used across Ripple’s payments infrastructure and as collateral within Ripple Prime, the company’s prime brokerage platform for institutional clients.

Ripple states that RLUSD is fully backed by U.S. dollar deposits, U.S. government securities and other cash equivalents. BNY serves as the primary reserve custodian, and Ripple publishes monthly attestations by an independent third party covering the stablecoin’s circulating supply and reserve assets, supporting transparency around the backing of RLUSD.

Ripple first applied for the national trust bank license in July 2025, with the OCC receiving the application and granting conditional approval on December 12, 2025. The bank was approved as a new institution, and the final approval granted in October 2026 concludes the initial chartering process.

The OCC approval for Ripple National Trust Bank comes amid a broader wave of national trust bank charters for digital asset firms following the GENIUS Act, which created a federal framework for U.S. payment stablecoins. Ripple’s announcement describes RNTB’s custody and reserve functions as available upon opening, indicating the bank has received its charter but has not yet started operating while remaining pre‑opening requirements are addressed.