Ripple, the issuer of the XRP and Ripple USD (RLUSD) cryptocurrencies, has filed an application for a national banking license in the United States.

If approved, it would place its dollar-backed stablecoin RLUSD under the direct supervision of the Office of the Comptroller of the Currency (OCC), the body that regulates national banks.

Currently, RLUSD operates under state regulation, specifically overseen by the New York Department of Financial Services. If the application is approved, the OCC would become its new primary regulator.

In addition to the banking license application, a Ripple subsidiary Standard Custody & Trust Company has applied for a master account with the Federal Reserve. If granted, this account would allow Ripple to directly hold its reserves at the central bank and issue or redeem stablecoins outside of regular banking hours, which is key to the continued operation of these digital assets.

Ripple also hinted according to sources consulted by the Wall Street Journal that it could expand its cryptocurrency services offering from its banking structure in the future if the license is approved.

With the arrival of Donald Trump to the presidency of the United States, the regulatory environment has become friendlier to the cryptocurrency industry, and many companies are encouraged to move forward with new projects without fear of retaliation.