Ripple won final approval from the Office of the Comptroller of the Currency for its national trust bank, ahead of its Swell conference in New York. XRP did not rally on the news, trading between $1.30 and $1.31 in early October 27 trading.
The Office of the Comptroller of the Currency (OCC) granted final approval for Ripple National Trust Bank on October 26. Ripple CEO Brad Garlinghouse announced the decision on X, and U.Today reports the federally supervised bank will not be a traditional commercial bank that accepts regular deposits and makes loans.
What the trust bank will do
The bank will manage reserves for Ripple's RLUSD stablecoin, act as a collateral trustee for stablecoin holders, and provide digital asset custody services to institutional customers. Its main focus is managing reserves and providing fiduciary custody services.
RLUSD will still be issued by Standard Custody & Trust Company, which operates under New York regulation. Ripple said RLUSD's market cap has reached around $2.5 billion since its December 2024 launch.
According to Garlinghouse: "We've always said crypto and banks work better together."
XRP holds flat as Swell opens
XRP hovered between $1.30 and $1.31, with minor movements over 24 hours. U.Today notes the approval relates to Ripple's stablecoin service and institutional custody, not directly to a sudden new XRP demand.
U.S. spot XRP exchange-traded funds have attracted $1.8 billion in cumulative net inflows, with total net assets at $1.48 billion. Those funds recorded $4.3 million in net inflows between October 19 and October 23.
Ripple's annual conference runs October 27–29 in New York, and Ripple expects more than 1,500 attendees. The agenda covers capital markets, settlement, tokenization, stablecoins, crypto ETFs, and XRP utility.
Sources: Cryptonews, U.Today
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