Ripple’s National Trust Bank Gets Final OCC Approval
Hey Digital Banking Fanatic!
Ripple just got the green light for a national trust bank.
The OCC has given final approval to Ripple National Trust Bank, after granting conditional approval in December last year.
The new bank can manage the reserves behind Ripple’s stablecoin, RLUSD, and provide crypto custody services to institutional clients.
There’s a catch, though: the bank won’t actually issue RLUSD. That stays with Standard Custody & Trust Company, which is regulated by New York’s financial regulator. The new charter means federal oversight is now part of the picture, too.
For Ripple, this is less about becoming a bank and more about bringing another part of its stablecoin business under federal supervision. CEO Brad Garlinghouse says the approval brings crypto and traditional banking closer together and gives Ripple more room to grow RLUSD and its institutional services.
RLUSD has reached a $2.5 billion market cap since launching in December 2024, according to Ripple. The question now is how much the added oversight will matter as the stablecoin competes for institutional business.
Here’s what else is happening in digital banking today👇
See you tomorrow!
Cheers,
INSIGHTS
💡 15.3 Million New Customers in One Year. Revolut added 15.3 million customers in just 12 months, averaging more than 40,000 new customers every day. France added more customers than the UK, US growth surged by 230%, and the Netherlands grew by 50%. With over 80 million customers across 40 markets, Revolut is targeting 100 million customers by mid-2027, demonstrating the scale of its international expansion.
NEWS
🇺🇸 Ripple receives final OCC approval for US national trust bank. The national trust bank approval covers management of segregated reserves backing Ripple USD, collateral trustee services and fiduciary digital asset custody. RLUSD will continue to be issued by Ripple’s New York-regulated subsidiary.
🇬🇧 Bank of England orders independent review of Revolut's product approval processes. The Prudential Regulation Authority issued a Section 166 order earlier this year, requiring external experts to assess the FinTech's internal controls and risk management procedures.
🇲🇽 Revolut is launching payroll portability in Mexico, nine months after becoming a bank there. Workers can make Revolut their primary bank account through a fully digital process in the app. The switch takes 2 to 10 business days, with a gradual rollout to over 1 million customers.
🇳🇱 Backbase launches AI Software Factory for banking. The AI Software Factory launch is positioned around bank software production, although its specific tooling, deployment arrangements and availability have not been independently established.
🇧🇷 Agi announces share repurchase program. Agi’s board of directors approved repurchasing up to 3 million Class A common shares. The program runs until October 27, 2027 at the latest, funded from cash balances.
🇨🇴 BBVA and Druo enable automatic debits for over 3 million accounts. Users can link their account through merchant channels and automate collections 24/7. Druo plans to extend the capability to other banks via Bre-B.
🇺🇸 Charlotte FC and Ally extend their founding partnership into the next decade. Ally will remain the official banking partner and front-of-kit sponsor. The extension will be marked with Fan Appreciation activities, including a pre-match celebration and commemorative patch giveaway, at the club's final regular-season home match on Oct. 31.
🇨🇦 Scotiabank adds new self service and money transfer features to its Canadian mobile app. The bank also redesigned Scotiabank.com with a simpler layout built for mobile, plus more personalized offers. Client feedback from its inaugural Client Innovation Day guided the update.
🇺🇸 VersaBank receives final Federal Reserve approval for its reorganization. Versa Bancorp, a new Delaware corporation, will become its holding company. VersaBank targets completion on November 13, 2026 after a minimum 15 day waiting period.
🇺🇸 SoFi reports record third quarter net revenue of $1.4B, with $241M net income. Adjusted EBITDA rose 70% to $470M, and members grew 35% to 17.1 million. SoFi raised its 2026 adjusted net revenue guidance to $5.04B.
🇹🇭 Thailand's digital BankX delays launch for second time. The SCBX, KakaoBank and WeBank-backed digital bank now expects to launch in 2027, according to sources cited by The Banker. CLICX began operations in June 2026, while Ascend Bank has yet to confirm a launch date.
🇬🇧 Chetwood Bank joins the FCA and PRA Scale-Up Unit. The bank was selected to participate in the Scale-Up Unit initiative. Its participation is intended to accelerate the growth of its digital banking business.
🇬🇧 LHV Bank joins the PRA and FCA Scale-up Unit. Membership of the unit is expected to accelerate the bank's UK growth strategy. Through the unit, LHV Bank will work directly with the PRA and the FCA.
🇪🇺 Noda launches BIN-to-Bank to reduce online card payment costs. Available across 26 European countries, the open banking checkout solution identifies customers’ issuing banks from their card details and redirects eligible transactions to bank payments.
🇧🇭 Singapore Gulf Bank parent appoints two advisers to global advisory board. Asia Gulf Holdings appointed former Singapore minister Dr Mohamad Maliki Osman and Revolut Group chairman Martin Gilbert to its global advisory board. The new advisory appointments will support the group’s work on government relations and investment opportunities across Asia and the Gulf.
Trusted reach among senior decision-makers in FinTech, Payments & Banking.
👉 Explore Partnership here
