- Ripple secures NYDFS approval for RLUSD, positioning itself to compete with Tether and Circle in the expanding stablecoin market.
- RLUSD leverages XRP for enhanced liquidity while prioritizing compliance and transparency through audits and regulatory standards.
Following Ripple’s statement on the RLUSD launch date, as highlighted by CNF, the major development hinged on NYDFS approval. Ultimately, the New York Department of Financial Services (NYDFS) granted Ripple Labs official approval for its stablecoin, RLUSD. This milestone marks a significant update in Ripple’s strategy.
Ripple is preparing to launch RLUSD, pegged to the US dollar, and expand its presence in the cryptocurrency market. According to financial data platform LINQTO,
this approval clears the path for RLUSD’s public launch, which is currently in testing on the Ethereum and XRP Ledger networks. This move positions Ripple as a direct competitor to stablecoin market leaders like Tether and Circle.
Ripple recently updated that the company will launch RLUSD soon, encouraging the community to report any impersonations or scams.
$RLUSD is launching soon!
Stay vigilant and report any impersonations or scams. https://t.co/yqnAdBQSfW
— Ripple (@Ripple) December 10, 2024
Additionally, Ripple CEO Brad Garlinghouse confirmed the news, emphasizing that the stablecoin will soon be available on multiple exchanges and partner platforms. This aligns with Ripple’s broader strategy to expand its role in the stablecoin market, projected to reach $2 trillion by 2028.
Focus on Compliance and Transparency
RLUSD aims to set a new standard for stablecoins by ensuring regulatory compliance and robust collateralization with cash and short-term cash equivalents. To build user trust, Ripple has committed to regular third-party audits and publishing monthly reports.
This compliance-first approach was evident during RLUSD’s testing phase on the XRP Ledger and Ethereum blockchain and through Ripple’s collaboration with NYDFS to meet regulatory standards.
Enhanced Liquidity and Exchange Support
RLUSD is designed to enhance liquidity by leveraging XRP for faster settlements. Ripple has already partnered with major exchanges, including Uphold, Bitstamp, and Bitso, to ensure wide accessibility.
At the time of writing, Ripple (XRP) is trading at $2.31, reflecting a 7.50% increase in the past day and a 9.07% gain over the past week. This market optimism underscores the confidence surrounding Ripple’s latest move, positioning RLUSD as a stable and scalable solution for retail and institutional users alike.
