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Crypto payments firm Ripple confirmed Wednesday that it has filed an application with the Office of the Comptroller of the Currency (OCC) to obtain a national bank charter.
Ripple CEO Brad Garlinghouse shared the news via X on Wednesday, following a report from the Wall Street Journal.
"True to our long-standing compliance roots, Ripple is applying for a national bank charter from the OCC," he wrote. "If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market."
Ripple's move comes just two days after USDC stablecoin issuer Circle confirmed its own application to secure a national bank charter. Anchorage Digital is the only digital assets firm to currently hold such a charter.
Editor's note: This story is breaking and will be updated with additional detail.