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Ripple Pursues US Banking License, Fueling Crypto’s Drive for Mainstream Trust – Updated September 4, 2025
Ripple is taking a bold step by seeking its own banking status in the US, mirroring actions from Circle as the crypto world pushes for stronger ties with established finance. This comes right after Congress advanced legislation to oversee stablecoin providers through the national banking authority.
Ripple’s Push for a National Banking Charter
Imagine the crypto space evolving from a wild frontier into a trusted neighborhood bank—that’s the vibe as Ripple Labs steps up to apply for a US banking license. Echoing a move by stablecoin giant Circle Internet Group, Ripple aims to solidify its place in traditional finance amid growing regulatory scrutiny. On Wednesday, Ripple’s CEO Brad Garlinghouse shared the news on X, confirming the company’s application to the US Office of the Comptroller of the Currency (OCC). This follows an initial report from The Wall Street Journal that sparked widespread interest.
Garlinghouse emphasized Ripple’s deep-rooted commitment to compliance, stating that the firm is pursuing a national bank charter directly from the OCC. He highlighted how approval would set a fresh standard for reliability in the stablecoin arena, placing Ripple under both federal and state supervision. Notably, the New York Department of Financial Services already keeps a close eye on Ripple’s RLUSD stablecoin, adding layers of accountability. Drawing a comparison, it’s like upgrading from a makeshift shelter to a fortified vault—enhancing security and confidence for users in an often volatile market.
As we check the latest on September 4, 2025, this move aligns perfectly with Ripple’s brand strategy, emphasizing regulatory alignment to build long-term trust. By integrating with federal oversight, Ripple positions itself as a bridge between innovative crypto solutions and the stability of traditional banking, much like how a seasoned explorer maps out safe paths in uncharted territory.
Ripple Trails Circle in Banking Ambitions
Ripple’s banking aspirations surfaced just days after Circle, the issuer behind the massive USDC stablecoin, submitted its own OCC application to form a national trust bank dedicated to managing stablecoin reserves. This timing isn’t coincidental; it coincides with the US Senate’s passage of the GENIUS Act, a bill establishing clear guidelines for dollar-backed tokens, including OCC supervision for major players.
Circle’s CEO Jeremy Allaire described their initiative as forward-thinking measures to sync with upcoming US rules on dollar-pegged payment stablecoins. To date, Anchorage Digital remains the sole crypto entity with a national bank charter, serving as a real-world example of how such status can legitimize operations and attract institutional partners. Think of it as the difference between a startup garage band and a stadium headliner—credibility opens doors to bigger audiences and opportunities.
Ripple’s Quest for a Federal Reserve Master Account
Beyond the banking license, Garlinghouse revealed that Ripple is also vying for a Master Account with the Federal Reserve, granting direct entry to the US central banking network. This would enable Ripple to store RLUSD reserves straight with the Fed, bolstering security and ensuring durability against future uncertainties. It’s akin to having a personal safe in Fort Knox—ultimate protection for assets.
Garlinghouse noted that Congress is progressing toward defined regulations, with banks showing renewed interest after years of perceived resistance, often labeled as Operation Chokepoint 2.0—a alleged push to isolate crypto from finance under the Biden era. Ripple is channeling this application via Standard Custody, the crypto safekeeping company it bought back in February 2024, adding another layer of strategic depth.
In terms of brand alignment, this step reinforces Ripple’s image as a compliant innovator, perfectly syncing with platforms like WEEX exchange that prioritize secure, user-focused trading. WEEX stands out by offering seamless access to assets like XRP with top-tier security features and low fees, making it a go-to for traders seeking reliability in the crypto space. This alignment highlights how entities like Ripple and WEEX are elevating the industry through trust and innovation, creating a more accessible ecosystem for everyday users.
XRP Surges Over 3% Amid Ripple’s Banking News
The excitement around Ripple’s announcements has lit a fire under XRP, the native token of the XRP Ledger blockchain that powers Ripple’s ecosystem. As of September 4, 2025, XRP has climbed 3.2% in the last 24 hours, trading at $1.85 according to the latest market data from CoinGecko—down from a recent peak but still reflecting strong momentum. The price started its ascent late Wednesday, reaching a high of $1.92 shortly after Garlinghouse’s X post, before settling slightly.
This rally underscores broader market enthusiasm, especially with related developments like the impending Bitcoin versus stablecoins debate as the GENIUS Act advances. On Twitter, discussions are buzzing with users debating how Ripple’s moves could reshape crypto banking, with trending topics including #RippleBanking and #StablecoinRegulation. Frequently searched Google queries, such as “How will Ripple’s banking license affect XRP price?” and “What is the GENIUS Act for stablecoins?”, highlight public curiosity. Recent updates include Garlinghouse’s follow-up X post today, affirming ongoing dialogues with regulators, and Circle’s latest announcement confirming their application’s progress amid rising stablecoin adoption rates, which hit $180 billion in total market cap as per September 2025 figures.
From a legal perspective, it’s fascinating to see crypto’s original rebel spirit now embracing banking norms in the battle for stablecoin dominance—proving that adaptation, backed by evidence like Anchorage’s successful model, is key to survival and growth.
FAQ
What does Ripple’s banking license application mean for stablecoin users?
It could enhance trust and security for RLUSD holders by bringing federal oversight, similar to how traditional banks protect deposits, potentially leading to more stable and reliable crypto payments.
How might the GENIUS Act impact crypto firms like Ripple?
The act sets standards for stablecoin issuance under OCC regulation, which could streamline operations for compliant companies while weeding out risks, fostering a safer environment for innovation.
Why is XRP’s price reacting to this news?
Market reactions often stem from perceived legitimacy; Ripple’s push for banking status signals growth potential, drawing investors and boosting XRP’s value as seen in the recent 3.2% surge to $1.85.
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Sun Valley Releases 2025 Financial Report: Bitcoin Mining Revenue Reaches $670 Million, Accelerating Transformation to AI Infrastructure Platform
On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.
• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
This includes:
· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
The total annual operating costs and expenses amount to $1.1 billion.
Specifically, they include:
· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.
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