Ripple’s application for a national bank license follows Circle’s similar filing and signals a broader trend of stablecoin issuers pursuing federal oversight as U.S. regulation advances

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Ripple has followed Circle in looking to be its own bank after Congress moved ahead with a bill to regulate stablecoin issuers under the national bank regulator.

Ripple's application comes after USDC issuer firm Circle (CRCL) also filed for a similar license earlier this week, a sign that stablecoin companies are seeking federal oversight as U.S. legislation to regulate stablecoins and crypto market structure advances.