Garlinghouse With ‘Huge News’ for Ripple: National Trust Bank Approval Secured
Ripple CEO Brad Garlinghouse announced minutes ago that the company he runs had received conditional approval from the US Office of the Comptroller of the Currency, a national agency created to ensure a safe and sound national banking system, to charter Ripple National Trust Bank.
In addition, Circle received similar approval, while BitGo, Fidelity, and Paxos had their state-chartered trust companies convert to the federal system, as journalist Eleanor Terrett explained.
She added that Comptroller Jonathan Gould explained that each application went through a standard “rigorous” review, ensuring that all companies had met additional conditions before becoming fully operational. He reportedly noted that the new entrants “help modernize and diversify the banking system and broaden access to innovative financial products.”
Garlinghouse used the opportunity to lash out at the traditional banking system and those fighting against more innovative companies such as his own.
He described this development as “huge news” for Ripple and its ecosystem, as it’s a “massive step forward” for the native stablecoin (RLUSD), which sets the “highest standard for stablecoin compliance with both federal (OCC) and state (NYDFS) oversight.”
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