Ripple has applied for a national banking license, joining the rush of cryptocurrency companies seeking to cross the divide into mainstream finance. Ripple, which manages cross-border payments and a dollar-backed stablecoin called RLUSD,

By Niket Nishant (Reuters) -Crypto firm Ripple is applying for a national bank charter in the United States, its CEO Brad Garlinghouse wrote in a social media post on Wednesday, following a similar move by stablecoin giant Circle.

According to the Wall Street Journal (WSJ), Ripple joins other institutions seeking to bridge the gap between cryptocurrencies and mainstream finance. Ripple is the issuer of RLUSD, a US Dollar (USD) backed stablecoin valued at $469 million.