Investing.com -- Ripple has applied for a national banking license as part of a push by cryptocurrency companies to enter mainstream finance, according to a report from the Wall Street Journal.

The company, which manages cross-border payments and a dollar-backed stablecoin called RLUSD, submitted its application Wednesday to the U.S. Office of the Comptroller of the Currency (OCC).

RLUSD is currently regulated by the New York Department of Financial Services at the state level. If approved, a national charter would place the stablecoin under OCC oversight.

"The dual nature of that regulation would basically have set a new bar for transparency and compliance in the stablecoin market," said Jack McDonald, senior vice president of stablecoins at Ripple.

Stablecoins typically maintain a one-to-one exchange ratio with government currencies by keeping reserves in cash or safe assets such as Treasury securities.

Ripple indicated it may consider offering additional crypto services through its banking license in the future.

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