Monday, October 26. The OCC gave Ripple a final federal charter for a bank that can’t take deposits, can’t lend, and has no FDIC insurance. So why should anyone holding RLUSD care? Because the bank takes the reserves. The liquid assets behind RLUSD, around $2.5B per one outlet (approximate, not confirmed). Until now that sat under one regulator, NYDFS. Now there’s a second, federal one, looking at exactly what institutions check first: do the dollars exist and are they kept separate. Issuance doesn’t move. Standard Custody & Trust still issues RLUSD under New York. Ripple National Trust Bank holds the reserves and does custody for institutional clients. Two lanes, two supervisors. Application July 2025, conditional approval December 12, 2025, final in October 2026. Almost 16 months start to finish. If you build on stables: RLUSD was already live on Base and Ink per December 2025 reports, check the current state before you integrate. The approved activities are RLUSD reserves, collateral trustee and fiduciary custody. XRP isn’t on that list. Anyone selling this as an XRP catalyst is reading the wrong line. The real test is still ahead. Standard Custody applied for a Fed master account on June 30, 2025, and as far as I can see it’s still pending. Custodia fought for years for its own and got denied. Frens, does the Fed give a master account to a stablecoin issuer in 2027?