Ripple, Circle, and Three Other Companies Secure Conditional Approval for US Federal Trust Bank Licenses

The US Office of the Comptroller of the Currency (OCC) announced on December 12 that it has granted conditional approval for federal trust bank licenses to five companies: Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos.

Ripple applied under the name 'Ripple National Trust Bank', while Circle applied as 'First National Digital Currency Bank'. This development is a crucial step in bringing stablecoin issuers under federal regulatory oversight.

Circle's CEO Jeremy Allaire stated in a release, 'This milestone is significant for the stablecoin and blockchain...