Ripple Applies for U.S. National Bank Charter to Advance Crypto Integration

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Crypto firm Ripple has submitted an application for a U.S. national bank charter, aiming to deepen its integration with the traditional financial system and gain regulatory clarity, CEO Brad Garlinghouse announced on Wednesday. This move follows a similar step by stablecoin issuer Circle, signaling growing momentum among crypto firms to enter the regulated banking space.

Obtaining a national charter from the Office of the Comptroller of the Currency (OCC) would enable Ripple to settle payments more quickly and at lower costs by reducing reliance on intermediary banks. The OCC confirmed receipt of Ripple’s application. Additionally, Ripple is seeking a Federal Reserve Master account to directly access the Fed’s payment infrastructure and hold stablecoin reserves with the central bank, as Garlinghouse detailed on social media.

Ripple’s stablecoin, RLUSD, launched in October 2024, currently holds a market value near $470 million, placing it among the larger stablecoins, though still smaller than dominant players like Tether and Circle’s USD Coin. The timing aligns with increased regulatory attention on stablecoins, particularly after the U.S. Senate passed the GENIUS Act, which industry experts say will foster safer adoption by clarifying regulations.

Circle also recently applied for a national trust bank charter shortly after its strong IPO, reflecting a broader industry push to legitimize and scale crypto payment systems through traditional finance channels.

Grayscale, a major digital asset manager, praised the GENIUS Act, stating it is likely to enhance stablecoin adoption in the U.S. while maintaining safeguards for consumers and financial stability.

Intel CEO Considers Major Shift in Foundry Strategy, Focuses on 14A Chipmaking to Compete with TSMC

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Intel’s new CEO Lip-Bu Tan is contemplating a significant change to the company’s contract chip manufacturing business, potentially abandoning the costly 18A process developed under his predecessor to focus on the newer 14A technology. This move aims to better compete with Taiwan Semiconductor Manufacturing Co (TSMC) and attract major clients like Apple and Nvidia, sources familiar with the matter told Reuters.

The 18A process, which Intel invested billions in, is seen as losing appeal among prospective customers. Shifting focus away from it could lead to a substantial financial write-off for Intel, possibly costing hundreds of millions or even billions of dollars. Intel confirmed it would continue producing chips using 18A for its own internal designs, including the “Panther Lake” laptop chips planned for 2025, as well as fulfilling existing contracts with Amazon and Microsoft.

Tan, who took over in March, has quickly moved to cut costs and reshape Intel’s direction amid years of falling behind in chip technology. The 18A process, which features new transistor designs and energy delivery methods, was intended to rival TSMC’s leading-edge technology but is now considered roughly comparable to TSMC’s earlier N3 node.

By emphasizing 14A, Intel hopes to offer a more competitive foundry service and win contracts from major chip designers currently reliant on TSMC’s manufacturing. The company is customizing 14A to client needs and planning a strategic discussion with its board as soon as this month, with a final decision expected in the fall.

Intel’s move reflects the high stakes involved in regaining its manufacturing edge after a difficult period culminating in an $18.8 billion net loss in 2024. Tan has also revamped Intel’s leadership and streamlined management to improve agility.

While the strategy is still forming, the potential pivot marks one of Tan’s boldest efforts to restore Intel’s chipmaking leadership and profitability.

Activist Investor Starboard Value Takes 9% Stake in Tripadvisor, Shares Jump

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Activist investment firm Starboard Value has acquired over a 9% stake in online travel company Tripadvisor, valued at approximately $160 million, sources said Wednesday. The news drove Tripadvisor’s stock price up 7% in after-hours trading.

Tripadvisor, known for its hotel and restaurant review and search tools, has seen its shares fall about 15% over the past year. Earlier this year, Tripadvisor’s board formed a special committee to explore strategic options, including a potential sale.

Starboard Value is known for pushing operational and strategic changes in its target companies but neither Tripadvisor nor Starboard immediately responded to Reuters’ requests for comment. The Wall Street Journal first reported the stake acquisition.

Starboard’s CEO Jeffrey Smith recently joined the board of consumer healthcare company Kenvue and has previously advocated for changes at Pfizer and Autodesk. The firm is expected to file a 13D regulatory disclosure soon, signaling intentions to influence Tripadvisor’s management and operations.