Crypto researcher SMQKE has drawn attention to a segment of an official State Bank of India (SBI) document that discusses a growing trend among non-depository financial technology companies to seek entry into mainstream banking through regulatory channels, specifically the Special Purpose National Bank (SPNB) charter in the United States.
The statement from SBI indicates that firms such as Ripple, Circle, Wise, and BitGo are among those pursuing SPNB charters, potentially enabling them to bypass traditional intermediary banks and integrate directly into the core infrastructure of the financial system.
In a tweet quoting the material, SMQKE emphasized the implications of Ripple’s positioning, stating, “Ripple will ultimately sneak XRP into the banking mainframe through Special Purpose National Bank charter.”
He cited the SBI text, which described the situation as a “mad rush” by crypto-related fintech firms to obtain SPNB status, which the document noted would allow them to “sneak into the mainframe banking while bypassing intermediary banks, all this with a stamp of legitimacy.”
‼️ RIPPLE WILL ULTIMATELY SNEAK XRP INTO THE BANKING MAINFRAME THROUGH SPECIAL PURPOSE NATIONAL BANK CHARTER‼️
Read closely:
“Interestingly, there is a mad rush by non-depository financial technology companies (crypto companies engaged in the business of banking), Ripple to… pic.twitter.com/qqE51YrNio
— SMQKE (@SMQKEDQG) August 4, 2025
Ripple’s Banking Integration Strategy Through SPNB
According to the slide from SBI’s presentation, the SPNB charter enables companies to operate as legitimate banking entities without the need to function as traditional depository institutions. For crypto-oriented companies like Ripple, acquiring such a charter could provide the regulatory cover needed to introduce digital assets into formal banking environments, including systems traditionally governed by federal and intermediary bank controls.
By highlighting Ripple specifically, SBI recognizes the firm’s active involvement in financial infrastructure innovation. Ripple’s push for SPNB status may serve as a vehicle for deeper integration of digital asset services into the U.S. financial system. Although the SBI document refers to multiple companies, SMQKE’s interpretation centers on XRP as a likely beneficiary should Ripple successfully obtain the charter.
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The Potential for XRP’s Entry Into the Financial Core
SMQKE’s framing aligns with ongoing discussions within the digital asset community about how XRP could activate its use cases across traditional finance. He underscores that Ripple’s ability to secure an SPNB charter could result in a legitimized route for XRP to be utilized within established banking systems, particularly by reducing reliance on intermediaries.
A related comment from crypto commentator BD InTheHouse added a conditional note of optimism, stating: “Although ‘approval’ is not guaranteed… when/if it does, and you are holding XRP, you will change the lives of many in your family.” While this remark emphasizes the potential value shift XRP holders anticipate, it also acknowledges the uncertainty of regulatory outcomes.
Regulatory Path Remains Uncertain but Strategically Significant
Though the SBI document confirms the existence of a concerted push among fintech companies for SPNB charters, the success of any individual firm’s application—including Ripple’s—remains subject to approval by U.S. regulatory authorities.
The document does not state that any of the mentioned companies have been granted a charter. But it does identify the trend as significant in the context of broader regulatory developments such as the GENIUS Act, the SEC and CFTC’s evolving role in digital asset oversight, and Executive Order 14178 on strengthening U.S. leadership in digital financial technology.
SMQKE’s analysis highlights what he views as a quiet but strategic move by Ripple that may allow XRP to gain a foothold within the banking system under regulatory legitimacy. As U.S. policy continues to evolve in response to innovation in digital finance, the outcome of these charter applications will likely have wide-reaching consequences for the adoption and utility of digital assets such as XRP.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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