Ripple's National Trust Bank Deadline Approaching Fast

Ripple is on the brink of a significant development in its journey into the realm of traditional finance. The company’s application for a national trust bank charter with the U.S. Office of the Comptroller of the Currency (OCC), under the moniker Ripple National Trust Bank, is now in the crucial final review stage.

As per the OCC's official documentation, the 120-day review period that follows the application's publication is set to wrap up this Friday, October 31.

On July 2, 2025, Ripple submitted its application for a national trust bank charter to the OCC. This application focuses on establishing a national trust bank rather than a conventional banking institution, with the primary goal of facilitating fiduciary activities such as custody and infrastructure support for its RLUSD stablecoin. The application sparked public scrutiny starting in October.

The proposed Ripple National Trust Bank signifies Ripple Labs’ strategic advance into the domain of federally governed financial services. Should the charter receive approval, it would empower the firm to operate a national trust bank from its planned headquarters located at 111-119 West 19th Street in New York City. The application lists prominent Ripple executives—Stuart Alderoty, Timothy Keaney, John McDonald, David Puth, and John Zavaglia—as key organizers, with Ripple Labs Inc. identified as the sponsoring institution from its San Francisco headquarters.

This strategic move not only amplifies Ripple's ambitions beyond cross-border payments but also paves the way for comprehensive institutional custody and settlement services. Furthermore, it aligns with the company's ongoing mission to position the RLUSD stablecoin as a regulated and transparent digital dollar. As Ripple CEO Brad Garlinghouse emphasized, if granted, the firm would operate under both state and federal oversight, establishing a novel standard for trust in the stablecoin sector. This statement, made by Garlinghouse in July 2025, reinforced the importance of the license application.

According to OCC protocols, the review process for national trust bank charter applications spans 120 days, during which aspects such as governance, capitalization, compliance programs, and management qualifications are evaluated. Ripple's application entered this critical review window after it was publicly filed, meaning the review period will conclude on October 31. At this juncture, the OCC may issue an initial ruling—either an approval, denial, or a request for additional information.

However, it's worth noting that the ongoing U.S. government shutdown could potentially affect the timeline for the company’s license review. Ripple’s endeavor is part of a broader trend of cryptocurrency firms seeking national trust bank charters as the digital asset sector edges closer to a full regulatory integration with conventional finance. Other notable players in this arena include Circle, Crypto.com, Coinbase, and Paxos, all of whom have also submitted applications to the OCC for national trust bank charters.

The impending deadline for Ripple’s national trust bank charter application is a pivotal moment in the ongoing evolution of the cryptocurrency landscape. As the company stands on the cusp of potentially groundbreaking regulatory approval, the outcome could redefine its role in the financial ecosystem and set a precedent for other crypto entities aiming for similar recognition.