(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.

Ripple’s push for a U.S. national bank license injects fresh momentum into XRP, breaking key resistance amid surging volume

Separately, Ripple subsidiary Standard Custody & Trust Company applied for a Federal Reserve master account on Monday. If granted, the account would allow Ripple to custody the reserves directly with the Fed, and issue and redeem stablecoins outside of normal banking hours.