Ripple has applied for a national banking license, joining the rush of cryptocurrency companies seeking to cross the divide into mainstream finance. Ripple, which manages cross-border payments and a dollar-backed stablecoin called RLUSD,

(Reuters) -Crypto firm Ripple is applying for a national bank charter in the U.S., its CEO Brad Garlinghouse wrote in a social media post on Wednesday, shortly after a similar step by stablecoin giant Circle.

The payments and stablecoin firm Ripple Labs Inc. applied to become a national bank as a bevy of firms in the financial-technology and cryptocurrency space seek such approval under President Donald Trump’s looser regulatory regime.