Ripple is Becoming a Bank — And it's a Big Deal for the Crypto Industry

In a week that could mark a turning point for institutional crypto, Ripple has made three major announcements that together position the company not just as a blockchain innovator but as a future global financial institution.

• Applied for a US national bank charter
• Pursuing a Federal Reserve master account
• Partnered with OpenPayd to launch stablecoin rails across the UK & EU

Add this to their acquisition of Standard Custody & Trust Company, rollout of the RLUSD stablecoin, and launch of an EVM-compatible XRP Ledger sidechain, and a picture starts to form:

Ripple is quietly building the infrastructure of a next-generation digital bank—one that plays by the rules of TradFi but moves at the speed of crypto.

1. National Bank Charter: The Ultimate Regulatory Upgrade

Applying for a US national bank charter is no small step. If approved, Ripple would gain the ability to:

• Operate in all 50 US states under a single federal framework
• Offer custodial services and issue stablecoins with full regulatory clarity
• Compete directly with fintechs and legacy banks on their turf

This move isn't just about compliance, it’s about scaling globally. With a national charter, Ripple no longer needs state-by-state licenses, cutting red tape and fast-tracking its product delivery across regulated markets.

For context, few crypto firms have even attempted this, as most lack the capital or governance sophistication. Ripple is signalling that it’s in the game for the long haul.

2. Fed Master Account: The Missing Piece for RLUSD

A Federal Reserve master account would allow Ripple to hold reserves for its US dollar-backed stablecoin, RLUSD, directly with the central bank.

This has two game-changing effects:

• Reduces counterparty risk: no reliance on third-party commercial banks
• Improves speed and cost-efficiency of on-chain/off-chain settlement

Ripple is essentially trying to solve the core stablecoin dilemma - how to offer blockchain-native value without compromising on regulatory assurance.

Circle, the company behind USDC, is still awaiting approval for a similar arrangement. If Ripple secures it first, it will have a major first-mover advantage.

3. OpenPayd Partnership: Instant RLUSD Access in the UK & EU

Ripple has teamed up with OpenPayd, a key infrastructure player offering embedded finance APIs across Europe.

The goal is to enable instant minting and redemption of RLUSD in fiat markets like GBP and EUR via API and without banks or intermediaries.

This kind of plug-and-play access allows:

• Enterprises to integrate RLUSD directly into their payment flows
• Faster, cheaper cross-border transactions
• Better liquidity for RLUSD in European corridors

In short, it makes RLUSD usable for real-world financial operations, not just crypto speculation.

4. The Bigger Blueprint: Ripple’s Institutional Empire

This isn’t a one-off. These moves are part of a long-term, multi-pronged strategy. Consider the pieces Ripple has already locked in:

• Qualified custodian status via its acquisition of Standard Custody & Trust
• Institutional-grade digital asset custody through its in-house solutions
• RLUSD, a regulatory-first stablecoin backed 1:1 with USD reserves
• XRPL EVM Sidechain, bringing Ethereum smart contracts into Ripple’s network
• Axelar integration – enabling cross-chain interoperability from Day 1

Ripple isn’t trying to win the retail crypto war anymore. It’s building the rails for regulated finance 2.0, which includes custody, compliance, stablecoins, and cross-chain access all under one roof.

What This Means for the Market

Crypto is growing up, and Ripple is one of the few firms showing regulators and institutions a credible model for what that future could look like.

• RLUSD isn’t competing with USDT or USDC on yield—it’s competing on trust, compliance, and settlement utility
• Ripple’s tech stack is increasingly modular and institutional-ready—ideal for banks, fintechs, and enterprises.
• If the bank charter and Fed access are granted, Ripple would be one of the first crypto-native entities operating with full regulatory equivalence to a commercial bank.

This is the kind of foundational infrastructure that could support tokenised securities, enterprise payments, and CBDC-compatible financial products in the years ahead.

At Ainslie, we’re focused on bridging the world of precious metals, crypto, and institutional-grade custody. Ripple’s moves validate a trend we’ve long believed in:

That the future of digital assets isn’t anarchic—it’s integrated, secure, and regulated.

Ripple’s ambition to become a crypto-native financial institution offers a vision we think is worth tracking, because as global regulatory standards tighten, only the most robust platforms will survive.