Which licences does Ripple hold to run payments, custody and stablecoins, and where?

The full answer

Ripple does not hold one global licence. It holds a set of local ones, spread across several Ripple companies. Ripple’s compliance page, last revised September 10, 2026, names its licensed companies in the UK, Dubai and Luxembourg,[1] and its licence page lists its US state licences.[2] Where a regulator’s own register was available, it is cited below. Where it wasn’t, the entry rests on Ripple’s page or a news report and says so.

Which Ripple companies hold which licences?

What does Ripple hold in the United States?

New York’s Department of Financial Services lists two Ripple companies. Ripple Markets DE LLC, which it notes was formerly XRP II LLC, holds a “Virtual Currency License” dated June 2016. Standard Custody & Trust Company, LLC holds a “Limited Purpose Trust Charter” dated May 2021.[3] The OCC’s December 2025 letter describes Standard Custody as the Ripple subsidiary that issues RLUSD, a stablecoin.[15] CoinDesk reported on July 2, 2025 that Ripple CEO Brad Garlinghouse said the company had also applied for a master account at the Federal Reserve earlier that week via Standard Custody. More on that coin is on what RLUSD is.

For the rest of the country, Ripple’s licence page lists 44 licence entries for Ripple Markets DE LLC under NMLS ID 2314015. By our count they cover 43 jurisdictions, including Washington, D.C. and Puerto Rico, because New York appears twice. The page lists 17 more entries for Standard Custody under NMLS ID 2261284.[2] These are mostly money transmitter licences, with a few states using other names such as “Seller of Checks.” In January 2025, Ripple described this as “55+ MTLs across Ripple’s payments, custody and stablecoin business.”[13] The state regulators’ shared register, NMLS Consumer Access, could not be opened.

What does Ripple hold in Europe and the UK?

In Luxembourg, Ripple’s compliance page says Ripple Payments Europe S.A. is authorised by the CSSF as an electronic money institution “under the registration number W21,” and as a crypto-asset service provider under the EU’s MiCA rules “under registration number N14.”[1] Electronic Payments International reported the full e-money authorisation on February 2, 2026.[9] ESMA’s MiCA register lists Ripple Payments Europe S.A. as a crypto-asset service provider authorised by the CSSF on June 29, 2026, for exchanging crypto-assets for money or other crypto-assets and for transferring crypto-assets for clients, with services offered in 29 other European countries.[10]

In the UK, Ripple’s page says Ripple Markets UK Ltd is an electronic money institution with FRN 1028021 and is also “registered with the FCA as a cryptoasset business” under the money laundering regulations, “subject to conditions.”[1] News reports from January 9, 2026 differ on what was granted. CoinDesk described a money laundering registration that “stops short of full financial services authorization.”[7] Finance Magnates reported an e-money registration with limits: “The FCA has barred the company from issuing electronic money or providing payment services to consumers, micro-enterprises, or charities at this stage.”[8] The FCA’s own register could not be opened, so the difference is not settled here.

In December 2023 Ripple announced that Ripple Markets Ireland Limited had been added to the Central Bank of Ireland’s register of virtual asset service providers.[11] Its current status is unknown.

What does Ripple hold in Singapore and Dubai?

The Monetary Authority of Singapore’s directory lists Ripple Markets APAC Pte. Ltd. as a “Major Payment Institution” for account issuance, domestic and cross-border money transfer, e-money issuance and “Digital Payment Token Service.”[4] Ripple announced the licence on October 4, 2023, for digital payment tokens, after in-principle approval in June 2023.[5]

In Dubai, Ripple’s compliance page says Ripple Middle East Limited “is regulated by the Dubai Financial Services Authority” and gives the DFSA reference number F008529.[1] The DFSA’s public register lists Ripple Middle East Limited under that reference number, with a licence dated March 11, 2025. Its financial services include providing money services, arranging deals in investments and providing custody, with crypto tokens listed under the last two.[16] The Dubai International Financial Centre announced the DFSA approval on March 13, 2025.[6]

How does the pending national trust bank charter fit in?

None of the licences above is a US federal bank charter. The OCC conditionally approved Ripple National Trust Bank on December 12, 2025, and no final approval was found as of September 29, 2026.[14] According to the OCC letter, the bank plans to manage a segregated reserve of liquid assets underlying RLUSD on a directed basis, perform collateral trustee services for RLUSD holders on a fiduciary basis, and provide cryptocurrency custody to affiliates and unaffiliated institutional customers on a fiduciary basis. The letter also requires the bank to limit its operations to those of a trust company and activities related thereto, as stated in its business plan. The letter says the approval expires if capital for the bank is not raised within 12 months, or if the bank is not opened for business within 18 months, from the preliminary conditional approval date. That process, its conditions and its deadline are on whether Ripple is becoming a bank.

What do the licence counts leave out?

Ripple’s product page says “The Ripple Group holds 75+ global licenses, including a NYDFS Trust Company Charter.”[12] In January 2025 it said “more than 60 licenses globally.”[13] Neither figure comes with a published list that adds up to it. Ripple’s own US licence page accounts for 61 entries, which suggests most of the total is state licences. A licence also says nothing about how much business Ripple does in a place, or which customers are served under it. Ripple says Ripple Payments reaches more than 60 markets,[12] but no market-by-market list of which licence covers which country was found; see what Ripple Payments is.

Licences also do not settle every legal question around Ripple and XRP. For the regulatory risks that remain after the SEC case, see XRP’s regulatory risk after the lawsuit.