Ripple has filed for a national banking license with the U.S. Office of the Comptroller of the Currency (OCC), a move that could give it direct federal oversight over its stablecoin operations and open the door to offering broader crypto-related services.

The application was filed on Wednesday and comes as federal regulators under the Trump administration have taken a more open stance toward the crypto sector, including steps to let national banks handle crypto on behalf of clients.

“If approved, we’d be under both federal and state supervision — a first for any stablecoin issuer,” Ripple CEO Brad Garlinghouse posted on X. Ripple’s dollar-pegged stablecoin, RLUSD, launched earlier this year.

In a related step, Ripple subsidiary Standard Custody & Trust has also applied for a Federal Reserve master account, which would allow it to hold stablecoin reserves directly with the central bank.

Ripple’s push follows a similar move by Circle earlier this week. The issuer of the USDC stablecoin also applied for a national banking license, which would allow it to custody reserves and crypto assets for institutional clients without relying on third-party banks.

The application came on the heels of Circle’s highly successful public debut under the ticker CRCL. Shares surged 167% on the first day of trading, after the IPO priced at $31 — well above the indicated range. The offering was 25 times oversubscribed, drawing heavy demand from both crypto-native and traditional investors.

Circle has long been eyeing a banking charter, though it previously denied reports that it was pursuing other types of licenses like a national trust charter or industrial loan company charter. A federal license would place Circle directly under the OCC’s supervision — an unusual position for a crypto firm and one that could put it ahead of rivals in regulatory preparedness.

Paxos, another stablecoin issuer, received preliminary conditional approval for a federal bank charter from the U.S. Office of the Comptroller of the Currency (OCC) in 2021.