Ripple has applied for a national banking license from the Office of the Comptroller of the Currency to expand its crypto services under federal regulation, following a similar move by stablecoin issuer Circle. The news led to a 3% increase in the value of XRP, and Ripple is also seeking a master account at the Federal Reserve to enhance the security of its stablecoin reserves.

Ripple is seeking a national banking charter, which would place it under the regulation of the Office of the Comptroller of the Currency (OCC). Additionally, its subsidiary, Standard Custody & Trust Company, has applied for a Federal Reserve master account to facilitate the direct custody of reserves and stablecoin operations.