Ripple National Trust Bank will hold and act as trustee for the reserves behind RLUSD, which Ripple values at $2.5 billion, and offer custody. RLUSD will still be issued by Ripple's New York-regulated trust company. XRP barely moved.
Ripple has a federal trust charter. What it changes is the plumbing behind its stablecoin, not who issues it.
Ripple said on Monday evening that the Office of the Comptroller of the Currency granted final approval to charter Ripple National Trust Bank, completing the organization process that followed conditional approval in December 2025. The OCC's public records had not yet been updated to reflect the final approval early on Tuesday, Tokenpost reported.
According to Ripple, the trust bank's approved activities are managing the segregated reserves backing RLUSD, Ripple's dollar stablecoin; acting as collateral trustee of those reserves for RLUSD holders; and, once it opens, providing fiduciary custody of digital assets.
What stays the same
RLUSD will continue to be issued by Standard Custody & Trust Company, Ripple's trust company regulated by New York's Department of Financial Services. Ripple puts RLUSD's market value at about $2.5 billion. BNY remains the primary custodian of its reserves, and the reserves continue to be attested monthly by a third party.
That split is the point. Issuance stays under a state regulator, while the reserves, and the legal duty to hold them for token holders, move under a federally supervised trust bank. RLUSD gains a second layer of oversight without becoming a token issued by a national bank.
A national trust charter is also narrower than a full banking license. The approved activities are reserve management, collateral trusteeship and custody. Ripple did not describe deposit-taking or lending.
Why it matters to rivals
Ripple was one of several crypto firms, including Circle, to receive conditional trust-charter approvals in December 2025. A move from conditional to final status gives Ripple a federally supervised home for its reserves and a custody business it can offer institutions, which could make RLUSD a more direct competitor for institutional stablecoin balances.
The timing also suited Ripple's calendar. The announcement came the night before its Swell conference opened in New York, where it runs through Oct. 29.
What XRP did
Not much. XRP traded at about $1.30 early on Tuesday, little changed from Monday afternoon, after a brief jump on Monday evening faded. The charter governs the infrastructure around RLUSD and Ripple's custody operations. Nothing in the announcement ties it to the XRP token.
Two readings
One reading is that this is a meaningful regulatory advantage. Federal supervision of reserves and a trustee duty to token holders are the kinds of protections institutional users ask for, and Ripple now has them alongside its New York charter, about a week before Circle reports results.
The other is that the change is incremental. The charter is narrow, issuance is unchanged, the stablecoin is still small at about $2.5 billion, and the immediate revenue effect is unclear. Until the trust bank opens and the OCC's own record is published, the practical change for RLUSD holders is limited.
What to watch
The OCC's published decision and any conditions, the trust bank's opening date and capital, announcements at Swell this week, RLUSD's supply in the coming weeks, and Circle's third-quarter results on Nov. 4.