Coinbase, Ripple, and Circle Apply for Banking Licenses

TLDR

• Ripple and Circle confirmed their banking license applications.
• OCC is currently reviewing the applications as of October 2025.
• Ripple’s announcement caused a spike in XRP prices.

Coinbase, Ripple, and Circle have reportedly applied for national banking licenses in the United States. This development marks a significant move in the institutionalization of the cryptocurrency industry. As of October 3, 2025, these applications are under review by the Office of the Comptroller of the Currency (OCC).

Ripple and Circle have publicly confirmed their applications. Ripple’s CEO, Brad Garlinghouse, stated on air, “Ripple is applying for a banking license in the United States.” Similarly, Circle has publicly confirmed it submitted an application. However, there has been no recent direct statement from Coinbase’s leadership regarding its bank charter application.

Key Industry Players and Their Histories

Ripple, led by CEO Brad Garlinghouse, has played a significant role in advancing regulatory frameworks for cryptocurrency. The company has been involved in enhancing cross-border payments and has actively engaged in partnerships concerning USDC, a stablecoin closely associated with Circle.

Circle, under the leadership of CEO Jeremy Allaire, has contributed significantly to the dialogue around transparency in financial technologies. It is known for its stablecoin, USDC, and its efforts in regulatory engagement.

Coinbase’s Institutional Focus

Coinbase, with CEO Brian Armstrong at the helm, has always been a proponent of building compliant cryptocurrency infrastructure. Although no explicit statement about their 2025 banking license application is available, Armstrong has previously highlighted the importance of regulatory clarity and institutional infrastructure through social media.

Brian Armstrong’s past comments suggest Coinbase’s focus aligns with broader industry goals of obtaining institutional backing. This strategic direction aims to enhance credibility and trust in the crypto markets, potentially inviting more institutional investments.

Impact on Cryptocurrency Assets

Ripple’s announcement of its bank charter application caused a spike in XRP prices. USDC remains central in Circle’s banking ambitions. Other significant assets include Ethereum (ETH), which serves as a critical part of institutional financial infrastructures.

Ethereum’s Layer 2 scaling solutions, such as ZK Sync and Optimism, were highlighted during industry events for their role in supporting institutional activities. Broader cryptocurrency assets like Bitcoin (BTC) often see sentiment shifts in response to regulatory news.

Regulatory Environment and Industry Reactions

The applications are currently being reviewed by the OCC, with no public outcomes announced. Ripple and Circle remain in active dialogue with regulatory bodies, ensuring compliance and aligning with financial industry standards.

Crypto communities on platforms like GitHub and Discord show positive sentiment about mainnet upgrades and Layer 2 scaling. No negative reactions have been detected in the official project discussions, indicating general optimism about these developments.