Crypto firm Ripple is applying for a national bank charter in the United States, its CEO Brad Garlinghouse wrote in a social media post on Wednesday, following a similar move by stablecoin giant Circle .

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

Crypto company Ripple has reportedly applied for a national banking license as it seeks to expand its role in cross-border payments and digital asset services. According to a report by The Wall Street Journal,