Ripple applies to the federal bank letter, XRP jumps 3%


Ripple, the digital asset company closely associated with the XRP Accounting Net (OCC)A spokesman confirmed to COINDESK.

The license would allow the company to expand its encryption services and operate through state lines under federal regulation. Ripple issues the $ 440 million RLUSD Stablecoin regulated by the New York Financial Services Department (NYDFS)and also provides digital asset custody services.

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The Wall Street Journal first reported the news on Wednesday for the first time.

XRP

The native cryptocurrency of the XRP accounting network centered on payments, advanced 3% in the news.

Ripple’s request is produced after the circle of the USDC issuing company (CRCL) He also requested a similar license at the beginning of this week, a sign that Stablecoin companies are seeking federal supervision as the United States legislation to regulate the advances of market structure and cryptography structure. The House of Representatives currently has the Stablcoin bill of the United States Senate before.

Crypto custodian Anchorage Digital already has a federal letter.

“If approved, we would have both states (through NYDFS) and federal supervision, a new (and unique) Benchmark for the confidence in the Stablecoin market, “said the CEO of Ripple, Brad Garlinghouse, in an X Post.

Garlinghouse said the company also requested a master account in the Federal Reserve earlier for the week through standard custody, the New York -headed trust and custody firm, Ripple, acquired last year. The master accounts allow banks and depository institutions to directly access the Federal Reserve, instead of demanding that they pass through intermediate banks.

If you get, a Fed account would allow Ripple to store its Stablecoin reserves, such as the United States Treasury Bonds with the Central Bank and “provide an additional security layer to Future Proof Trust in Rlusd,” Garlinghouse said.

For a long time, companies centered on cryptocurrencies like Kraken and Caitlin Long custody have tried without success to obey accounts.

UPDATE (July 2, 18:40 UTC): Add comments from Brad Garlinghouse at Bank Charter and Fed Master Account application.



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