Ripple Leads Crypto Firms in Pursuit of National Trust Bank Licenses Amid US Regulatory Shift

On July 14, the Financial Times reported a notable surge in cryptocurrency firms entering the traditional US banking sector, leveraging the Trump administration’s accommodating regulatory stance on digital assets. Prominent players such as Ripple, Circle, and BitGo have submitted applications for national trust bank charters, which would enable them to offer crypto custody and payment processing services on a nationwide scale without the burden of state-by-state licensing. Circle’s application to form the First National Digital Currency Bank aims to bolster the USDC stablecoin framework and comply with the GENIUS Act’s provisions.

Ripple is pursuing a Federal Reserve master account, allowing direct management of stablecoin reserves, a strategic move to enhance operational efficiency. Concurrently, Kraken is preparing to introduce debit and credit card products by month-end, opting out of a full banking license to prioritize seamless integration of cryptocurrency with traditional financial services. Analysts emphasize that the regulatory clarity and progress on stablecoin legislation under the Trump administration are key catalysts behind this industry shift, although final approvals remain pending.