Circle and Ripple have both applied to the Office of the Comptroller of the Currency (OCC) for national trust bank charters. Circle issues USDC, the second largest stablecoin with over $60 billion in market capitalization, while Ripple recently launched its RLUSD stablecoin.
The OCC requires a one month public comment period for banking applications, making application details publicly available. However, both companies marked 90% of their submissions as confidential, leaving little information for public review. The documents reveal team compositions and hint at business purposes, but key details remain hidden.
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