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Ripple has applied for a US banking license
Ripple has applied for a US banking license, becoming the latest crypto company to seek a foothold in mainstream finance. The rush to secure banking services is linked to the new requirements for regulated stablecoins, which require proof of bank reserves.
Ripple has applied for a US banking license, seeking a foothold in mainstream finance, reported the Wallstreet Journal. The issuer of XRP made the unexpected move after years of aiming to replace banking.
Ripple’s move follows the bid of Circle to gain access to a banking license and store its USD reserves backing the USDC stablecoin and other assets. More crypto companies are seeking a link to mainstream finance, as a response to the GENIUS bill on the required stablecoin reserves.
Ripple still manages cross-border payments through its distributed ledger and has recently launched dollar-backed stablecoin RLUSD. Securing a banking license will give Ripple full control of the RLUSD fiat reserves.
The banking license may go further than just serving the purposes of RLUSD. Multiple crypto projects are seeking to create a bank to fill the niche of the bankrupt Silicon Valley Bank.
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