Ripple wins final OCC charter approval for trust bank

Ripple said on Oct. 26 that the Office of the Comptroller of the Currency (OCC) had given final approval to Ripple National Trust Bank, completing the charter process and placing the bank’s approved RLUSD reserve and custody activities under federal supervision. Ripple’s announcement of the final OCC approval says the bank will manage RLUSD’s segregated reserves, act as their collateral trustee for holders, and provide fiduciary digital asset custody. The approval follows the OCC’s conditional approval in December 2025, as The Block reported.

The change is in the entity overseeing reserve management and custody. It does not move RLUSD issuance to the new bank: Ripple says the stablecoin will continue to be issued by Standard Custody & Trust Company, its New York Department of Financial Services regulated limited purpose trust company. Ripple’s announcement does not give a date for the bank to begin operations.

Which RLUSD functions will the trust bank handle?

Ripple National Trust Bank is approved to manage the segregated reserve assets supporting RLUSD and serve as collateral trustee of those assets for token holders. As collateral trustee, the bank’s role is to hold or administer the reserve assets for the benefit of holders under the trust arrangement; it is distinct from issuing or redeeming the stablecoin.

Ripple also says the bank will provide fiduciary digital asset custody services. That approval gives it a defined custody role for institutional customers once it opens. The announcement does not specify which digital assets it will custody, how customers will access the service, or the operational controls the bank will use.

RLUSD’s issuer remains Standard Custody & Trust Company. The arrangement therefore separates issuance from the newly approved bank’s reserve management and fiduciary custody functions. Ripple says BNY remains RLUSD’s primary reserve custodian and that it publishes monthly independent third party attestations covering circulating supply and reserve assets. The new charter adds OCC supervision to the supporting structure; it does not make the OCC the stablecoin’s issuer or reserve custodian.

What changed between conditional and final approval?

The OCC’s December 2025 conditional approval was preliminary. The Block reported that the final approval came after that conditional stage, and Ripple says the final decision completes the bank’s organization process. The OCC’s conditional approval had allowed the charter process to proceed, but the bank could not commence business until it met preopening requirements and received final approval.

That distinction matters operationally: authorization of proposed activities does not mean the bank is already serving customers. Ripple says it will continue working with the OCC and NYDFS as the bank begins operations, but has not announced when that will happen. Until it opens, Ripple National Trust Bank cannot perform its approved functions in operation.

Does the charter make Ripple a conventional commercial bank?

No. The Block reported that national trust bank charters do not permit deposit taking or lending. Ripple’s announcement describes fiduciary custody and reserve related services, not retail accounts or a lending business. The approval gives Ripple a federally supervised trust bank for specified activities; it does not turn RLUSD into a deposit or transfer issuance away from its New York regulated issuer.

The practical effect is a federal supervisory layer around the management of RLUSD’s reserves and a federally chartered path for fiduciary digital asset custody. The stablecoin’s issuance remains with Standard Custody & Trust Company, while the trust bank’s authorized functions depend on it completing the steps needed to begin operations.

Sources and documents

• announcement of the final OCC approval — ripple.com
• The Block reported — theblock.co