The ripple and circle bank license applications give the stable coins new dynamics
- Ripple, Circle and Bitgo apply for US bank approval to mix the international payment market with stable coins.
- Stable coins such as RLUDD enable quick, inexpensive international transfers by circumventing tradfi banks.
Ripple, Circle and Bitgo make their way into the domain of the banks. They all strive for admission as a national trust bank to the United States to combine cryptocurrencies with the mainstream financial system. Such Licenses that Under the patronage of the Office of the Compotroller of the Currency (OCC) be exhibitedwould enable them to offer services such as the custody of assets and payment processing without obtaining approval in each individual state.
Anchorage Digital is still the only crypto company that has such a license, but a stronger competition is emerging. Octopus is ended of theBring crypto-based credit and debit cards onto the market month around the Use ofCryptocurrencies With daily consumer expenses normalize .
This expansion of the banking business is not a new trend, but a strategy of realignment. With the changes in politics dive Pursue on, which earlier Against the regulatory control defended have and yourself as a compliant Pursue spend who are interested in compliance with the US financial standards.
In the meantime, Robinhood and Revolut are entering digital banking. Robinhood plant dieAnnouncement of Financial instruments A US banking license is striving for autumn, and revolut. Clear could Add cryptocurrencies, and The big ones Banks like the Bank of America are preparing for this Stablecoins to offeras soon as the rules are clear.
Ripple wants to reduce costs and delays with its own stable coins
The strategic focus of Ripple goes far beyond the regulation and aims On the correction of real financial problems. According to Ripple’s report Transfer migrants In 2024 685 billion dollars in Countries With low and medium income. Nonetheless devourThe fees are still well over 6 % of these transfers, and the billing takes place within a few days. Stable coins change this view.
With the Rlusd von Ripple, for example, an American worker can send money to family members abroad without Middleman to have to turn with usury prices like Western Union or Moneygram. The transaction is processed via a blockchain network and the money reaches the recipient’s digital wallet immediately.
Stablecoins offer A mobile alternative for regions How Africa and Southeast Asia in which the banking presence small amount is. There are an estimated 1.4 billion adults without bank detailsand partnerships such as Visa-Yellow Card and stock exchanges like Bitso to use USDC for direct Real -time transfers.
Stable coin sales soon over $ 27 trillion
During the StableCoin turnover grows and According to market data, $ 27.6 trillion will reach, should There upcoming Genius Act ensure regulatory clarity.
The new law stipulates that Stablecoins Institutes approved by regulated banks or the US-OCC have to be outputthat pair their collateral directly on US state bonds. The new regulation would promote the acceptance of stablecoins and introduce them to the established financial systems.
Ripple has applied for a master account at the Federal Reserve that es the company make possible would, To store the stable coin reserves directly at the central bank.
No Comments