XRP Whale’s $3.7 Billion Vote of Confidence in Ripple’s Push for a US Bank License

In a bold stride toward mainstream finance, Ripple has officially applied for a national banking license from the U.S. Office of the Comptroller of the Currency (OCC).

This application represents a major turning point for the San Francisco-based company, which is looking to transition from a crypto-native firm into a federally regulated financial institution.

What Is Driving Ripple’s New Strategy?

Ripple’s push for a national banking charter is a strategic move to bring its RLUSD stablecoin under direct OCC supervision, creating a dual regulatory oversight structure.

The coin already has approval from the influential New York Department of Financial Services (NYDFS), making it one of the most stringently regulated stablecoins on the market. Its current market cap stands at approximately $440 million, and new minting activity suggests strong demand. Just this week, 14 million RLUSD tokens were issued from the treasury, reflecting growing interest in the asset.

By gaining a federal charter, Ripple would place itself in a unique position among crypto firms, balancing its deep roots in innovation with the highest standards of traditional banking compliance. Ripple CEO Brad Garlinghouse sees this as a key step in building trust with both institutional clients and regulators.

True to our long-standing compliance roots, @Ripple is applying for a national bank charter from the OCC. If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market.

Earlier in the week via… https://t.co/IdiR7x3eWZ

— Brad Garlinghouse (@bgarlinghouse) July 2, 2025

Crypto Firms Eyeing Banking Licenses

Ripple is not alone in this endeavor. Circle, one of its leading stablecoin rivals, recently applied for a national trust bank charter. Coinbase and Paxos have also expressed interest in federal banking licenses, highlighting a broader trend. These developments point to a future where crypto firms and banks may operate on increasingly similar regulatory footing.

Currently, Anchorage Digital remains the only crypto company to secure a national trust bank charter. Ripple’s entry into this space could spark further movement from other firms aiming to follow suit.

How Is the Market Reacting?

While the regulatory moves play out, the market for XRP, the native token associated with Ripple, has seen a steady rise. As of press time, trading at $2.25, XRP has gained over 3% in the past 24 hours and more than 2% over the last week. Its market cap now exceeds $132 billion, with a 24-hour trading volume of $3.5 billion.

This comes as on-chain data shows that one of the largest XRP “whale” wallets continues to accumulate the token. On July 2, the whale made three new purchases from the Bithumb exchange totaling nearly 14,000 XRP. The whale’s current holdings now stand at 1.64 billion XRP, worth approximately $3.72 billion, a sign of sustained confidence in Ripple’s long-term vision.

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