The fintech is building on its charter victory by announcing expanded partnerships with BNY and Robinhood.
Ripple has received final approval from the Office of the Comptroller of the Currency to launch a national trust bank, the company announced Monday.
The development comes nearly a year after the regulator gave Ripple and four other cryptocurrency firms conditional approval for a trust bank charter.
The green light “is the result of a simple choice we made years ago: build within the regulatory perimeter, not around it,” Stuart Alderoty, Ripple’s chief legal officer, said in a Monday post on X.
“Clear rules + rigorous oversight create trust,” he said. “And trust is what allows new financial infrastructure to scale.”
A national trust charter does not allow Ripple to take deposits or lend commercially.
Ripple will be permitted, however, to provide fiduciary digital-asset custody services, manage the reserves supporting the company’s stablecoin RLUSD and act as a collateral trustee for those reserves, the firm said.
BNY has served as primary reserve custodian of RLUSD. And Ripple on Tuesday doubled down on its relationship with the nation’s oldest bank, announcing the two would “broaden institutional digital asset custody capabilities and explore new institutional use cases for blockchain technology, including tokenized trade finance.”
“We’ve always said crypto and banks work better together – this is what that looks like,” Ripple CEO Brad Garlinghouse said Monday in a post on X, referring, at the time, to the charter.
With Tuesday’s deepened collaboration, BNY intends to boost its support for tokenized assets and investment products issued on Ripple’s XRP Ledger.
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