Ripple is actively advancing the final approval process for its Ripple National Trust Bank (RNTB). The Office of the Comptroller of the Currency (OCC) issued a conditional approval in December 2025, and the company is currently completing the remaining compliance steps to obtain full operational authorization. This trust bank license will allow Ripple to provide custody and settlement services, but will not involve traditional deposit or consumer credit operations. Its core objective is to offer compliant digital asset management channels for institutional clients, particularly supporting the reserve management and cross-border settlement functions of its USD-pegged stablecoin, RLUSD.
RNTB will be subject to dual regulation by the OCC and the New York State Department of Financial Services (NYDFS), creating a compliant ecosystem that aligns with the RLUSD stablecoin framework. This structure not only strengthens Ripple's positioning in the digital asset infrastructure but also lays the groundwork for future multi-platform asset custody and settlement.
Data shows that as the regulatory framework becomes clearer, institutional demand for stablecoin deployment is rising. RLUSD aims to become a key component of the inter-institutional payment network, and the operational qualifications of the trust bank will provide it with fiat-level trust endorsement. Meanwhile, similar progress is accelerating globally: Australia has approved a regulatory digital Australian dollar (AUDD) based on the XRP ledger, reflecting the growing recognition of Ripple's technological infrastructure in international markets.
A surge in applications for federal trust bank licenses is also occurring domestically in the U.S. In 2025, 18 institutions submitted applications, with the number still increasing in early 2026. Besides Ripple, Circle, Paxos, BitGo, and Fidelity Digital Assets have all received conditional approvals, while applications from Revolut, ZeroHash, and World Liberty Financial are under review. Currently, only Anchorage Digital has completed the entire approval process and is officially operational. The OCC stated that new entrants help drive innovation in the financial system, with the number of national trust banks under its regulation reaching 60.
On the policy front, former President Donald Trump has made the CLARITY Act a cornerstone of his digital asset agenda, urging Congress to expedite legislation to prevent the U.S. from falling behind in the global crypto financial competition. His administration also pushed regulators to ease entry requirements, encouraging compliant tech companies to enter the traditional financial system. As industry infrastructure matures, the clarity of regulatory pathways is becoming a key engine for scaling the crypto industry.