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.

According to the Wall Street Journal (WSJ), Ripple joins other institutions seeking to bridge the gap between cryptocurrencies and mainstream finance. Ripple is the issuer of RLUSD, a US Dollar (USD) backed stablecoin valued at $469 million.

Blockchain tech and crypto payments company Ripple applied for a banking license from the U.S. Office of the Comptroller of the Currency (OCC) on July 2, the Wall Street Journal reported. This is a developing story. Please keep refreshing for updates.