Major players in the cryptocurrency space are taking significant steps towards institutionalization by applying for national banking licenses in the U.S. Ripple, Circle, and Coinbase have reportedly submitted these applications to the Office of the Comptroller of the Currency (OCC), marking a major transition in how crypto businesses operate within the existing financial system. 2025 has seen an unprecedented surge in interest from established institutions looking to participate in the rapidly evolving cryptocurrency market. Ripple, led by CEO Brad Garlinghouse, has been instrumental in advancing regulations for cryptocurrencies, with its recent application for a U.S. banking license. Similarly, **Circle**, under CEO Jeremy Allaire, has actively engaged with regulatory bodies and submitted an application for a banking license, building on their successful stablecoin project, USDC. Coinbase’s intentions regarding a bank charter application remain unclear as of October 2025, but their history of building compliant cryptocurrency infrastructure aligns with the broader industry goal of increasing institutional trust. Ripple’s announcement has caused XRP prices to spike, potentially reflecting investors’ optimism about this move. Circle’s stablecoin USDC remains a central pillar in its banking ambitions, and other cryptocurrencies like **Ethereum** (ETH), a crucial component of institutional financial infrastructures, are also seeing increased attention from institutions looking to integrate these digital currencies into their operations.