The Office of the Comptroller of the Currency (OCC) has given Ripple conditional approval to stay national trust bank. Crypto expert Stern Drew highlighted what this means for the crypto company, as well as the XRP it uses for its payment services.
What OCC Approval Means for Ripple and XRP
In Post XStern Drew claimed that Ripple just cracked the system after the OCC granted conditional approval to the crypto company. He further noted that with this approval, Ripple now has federal and regulatory oversight. The expert added it RLUSD stablecoin has become the gold standard for compliant stablecoins, while XRP has moved straight into the heart of the US financial system.
Ripple CEO Brad Garlinghouse also reacted for the OCC to issue conditional approval, stating that this is huge news. He noted that this was a huge step forward, mainly for the RLUSD stablecoin, which sets the highest standard for stablecoin compatibility under federal and state supervision.
In press releasethe company also indicated what this development looks like RLUSD and XRP therefore, for wider adoption. The company said that as conventional financial firms enter the cryptocurrency market, they will seek to utilize stablecoins with the highest regulatory and compliance rigor that provide the trust and reliability required for enterprise adoption.
Meanwhile, the payments company confirmed that its banking services will extend the same regulatory rigor associated with RLUSD to a broader offering of payment and institutional services using XRP. The company further noted that utility is already driving adoption, as the stablecoin’s market capitalization has surpassed $1 billion in less than a year. The company added that stablecoin is actively used in its payment solutions and as collateral by top brokers including main broker.
“XRP Wake Up”
Crypto expert BarriC has been described OCC granting conditional approval to Ripple as a warning sign for XRP to those who may still be skeptical of the altcoin. He stated that for those who claimed that banks would never apply XRP or work with Ripple, the crypto company has now also received banking license.
The expert noted that this is significant because more than half of Ripple’s transactions for payment services take place via XRP. Altcoin has also gained tremendous growth because Swiss bank AMINA bank became the first European bank to integrate Ripple payment services. BarriC emphasized that the bank will ultimately apply XRP through integration with Ripple payments. Meanwhile, a cryptocurrency analyst The Obscure Protector has been identified that Ripple’s status as a custodian bank could be one of the catalysts leading to higher XRP prices.
At the time of writing, XRP is trading at $2.01, down over the past 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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