Ripple announced on 26 October 2026 that the Office of the Comptroller of the Currency has granted final approval to charter Ripple National Trust Bank, a federally supervised national trust bank that will manage the reserves behind its RLUSD stablecoin, according to Ripple’s announcement. Fintechbits checked the OCC’s digital assets licensing page and counted 12 applications still listed as pending, from firms including Rain, Modern Treasury, zerohash and Kraken parent Payward, the most recent received on 5 October 2026. Ripple is through, and the queue behind it is long.

What the Ripple National Trust Bank charter allows

The approval completes a process that started with conditional OCC approval in December 2025, Ripple said. Ripple National Trust Bank’s approved activities are managing the segregated reserves that support RLUSD, acting as collateral trustee of those reserves for RLUSD holders, and providing fiduciary digital asset custody.

What the charter does not do matters as much. RLUSD will still be issued by Standard Custody & Trust Company, Ripple’s New York trust company regulated by the New York Department of Financial Services. The national trust bank adds a federal supervisor over the reserves, not a new issuer.

“For years, we’ve said crypto and banks work better together. Final approval for Ripple National Trust Bank is what that looks like in practice,” said Brad Garlinghouse, CEO of Ripple, in the announcement.

RLUSD and the reserve question

Ripple says RLUSD has grown to a $2.5 billion market capitalisation since it launched in December 2024. BNY serves as the primary reserve custodian, and Ripple publishes monthly third-party attestations of supply and reserves. Ripple says RLUSD is fully backed by US dollar deposits, US government securities and other cash equivalents.

The new trust bank puts a federal entity between those reserves and RLUSD holders. Ripple ties the approval to the GENIUS Act framework the US is implementing. Ripple’s announcement says it will keep working with the OCC and the New York regulator as the bank begins operations, and gives no opening date.

The queue behind Ripple National Trust Bank

The OCC list shows how many firms want the same status. Its digital assets licensing page names 12 pending applicants, including Rain National Trust Bank, Modern Treasury National Trust Bank, zerohash national trust bank, Payward National Trust Company and Builders Bank & Trust, the charter Block applied for in September and which Fintechbits covered at the time. The page lists Payward’s application as received on 8 May 2026, so some of these files have been open for more than five months.

Fintechbits analysis

Why the Ripple National Trust Bank approval is a test case

Other applicants will read the Ripple National Trust Bank approval closely. A final approval for a stablecoin issuer’s reserve bank tells applicants such as Rain and Modern Treasury that the OCC will finish what it conditionally approved in December 2025, and on what terms. The activities list is narrow: reserves, collateral trusteeship and custody.

The legal risk has not gone away. The Independent Community Bankers of America sued the OCC on 2 October 2026, arguing that the agency lacks the power to charter national trust banks of this kind, as Fintechbits reported. A ruling against the OCC would put every charter on the list, including Ripple’s, under a cloud. Until a court rules, the approval is valuable mainly as proof that the federal route is open.

Commercially, the case is simpler. Banks and corporates that would not hold a stablecoin backed by a New York trust company alone may accept one whose reserves sit under a federally supervised trustee. That is the customer Ripple is chasing with RLUSD.

Frequently asked questions

What is Ripple National Trust Bank?

Ripple National Trust Bank is a federally supervised national trust bank chartered by the OCC. According to Ripple’s announcement, it will manage RLUSD reserves, act as collateral trustee for RLUSD holders and offer fiduciary digital asset custody.

Does the charter change who issues RLUSD?

No. Ripple says RLUSD will continue to be issued by Standard Custody & Trust Company, its New York regulated limited purpose trust company. The national trust bank adds federal supervision over the reserves.

Who else is waiting for an OCC trust charter?

The OCC’s digital assets licensing page lists pending applicants including Rain, Modern Treasury, zerohash, Payward and Block’s Builders Bank & Trust. The newest application on the list was received on 5 October 2026.

What to Watch Next

Two things will show whether this approval holds. The first is the opening date: Ripple has not said when Ripple National Trust Bank begins operations or takes over RLUSD reserve management. The second is the ICBA case against the OCC, where any request for an injunction would put every pending and approved trust charter at risk. If the court lets the charters stand, the OCC can work through the 12 pending files without a legal cloud over them.