By Niket Nishant (Reuters) -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.

Ripple has applied for a US banking license following a similar move by Circle, as both seemingly aim to be regulated after Congress pushed forward a stablecoin bill.

Ripple applies for a US national banking license and a Fed master account to bridge crypto with traditional finance, boosting RLUSD and more.