EddieJayonCrypto
1 Dec 24
Ripple Labs' new stablecoin, RLUSD, is expected to launch on December 4 after receiving approval from the New York Department of Financial Services (NYDFS). The stablecoin is overcollateralized and pegged to the US dollar. Ripple is pursuing RLUSD amid its legal battle with the SEC over XRP's classi...
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Ripple Labs is set to launch its stablecoin, RLUSD, on December 4 after receiving approval from the New York Department of Financial Services (NYDFS). This overcollateralized stablecoin, pegged to the US dollar, aims to provide a stable alternative amidst Ripple's legal battle with the SEC over XRP's classification as an unregistered security. Ripple plans to operate RLUSD under state-level regulation and has partnered with top exchanges, committing to regular reserve audits.
Ripple's new stablecoin, RLUSD, is expected to launch on December 4 after receiving approval from the New York Department of Financial Services (NYDFS). The stablecoin is overcollateralized and pegged to the US dollar. Ripple is pursuing RLUSD amid its legal battle with the SEC over XRP's classification as an unregistered security. The company plans to operate RLUSD under state-level regulation, potentially obtaining a limited purpose trust charter or BitLicense. Ripple has been preparing for RLUSD's launch since acquiring Standard Custody & Trust Company, which will become the stablecoin's issuer once approved. The company aims to use RLUSD alongside XRP in its cross-border payments solution. Ripple has also partnered with several exchanges to make RLUSD available and intends to conduct regular audits of the reserves backing the stablecoin.