Ripple joins banking revolution as crypto firms rush for bank charters 🤑🏦; Paxos MiCA-compliant stablecoin comes to Europe 💸🇪🇺; Wise pursues US banking licence 🏦🇺🇸
FinTech is Eating the World, 3 July
Hey Everyone,
Good morning & happy Thursday! Today’s issue is focused on FinTech’s movers & shakers as we’re looking into Ripple joining the crypto banking revolution (why Ripple needs a banking charter & what we can expect next + bonus dive into Circle that’s following the same path), Paxos which just launched its MiCA-compliant stablecoin in Europe (what it’s all about & what to expect next + bonus list of ultimate stablecoin resources), and Wise that’s now pursuing US banking licence (what’s the rationale here & why it makes sense + bonus deep dives into Wise). Let’s just jump straight into the intriguing stuff 🌶️
Ripple joins banking revolution as crypto firms rush for bank charters 🤑🏦
The news 🗞️ XRP & RLUSD issuer Ripple Labs has officially applied for a national banking license with the Office of the Comptroller of the Currency, marking another significant step in the industry's push towards cryptocurrency mainstreamification.
The move positions Ripple alongside other major crypto firms seeking federal banking approval, including Circle and BitGo, which have submitted similar applications in recent days.
Let’s take a look at this, understand why it matters, and see what’s next.