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.

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.

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.