A national banking charter would allow the company to hold its stablecoin reserves on its own balance sheet.

The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.

(Reuters) -Crypto firm Ripple is applying for a national bank charter in the U.S., its CEO Brad Garlinghouse wrote in a social media post on Wednesday, shortly after a similar step by stablecoin giant Circle.