tl;dr
Ripple Labs has obtained approval from the New York Department of Financial Services (NYDFS) for its RLUSD stablecoin. The company is set to disclose exchange and partner listings for the asset. Ripple aims for RLUSD to rival Tether's USDT and Circle's USDC. The approval has caused XRP's price to su...
Ripple Labs has obtained approval from the New York Department of Financial Services (NYDFS) for its RLUSD stablecoin. The company is set to disclose exchange and partner listings for the asset. Ripple aims for RLUSD to rival Tether's USDT and Circle's USDC. The approval has caused XRP's price to surge by nearly 10%. Additionally, Donald Trump's re-election and SEC Chair Gary Gensler's resignation have sparked optimism within the XRP community. Ripple has experienced growth in Q3, with rising institutional interest in its XRP token and various financial institutions filing applications for XRP ETFs.
Ripple Labs has secured approval from the New York Department of Financial Services (NYDFS) for its RLUSD stablecoin. CEO Brad Garlinghouse confirmed the development on December 10, adding that the company will soon disclose exchange and partner listings for the asset.
Ripple first announced plans for RLUSD in April, positioning it as a competitor to Tether’s USDT and Circle’s USDC. By August, Ripple began testing the stablecoin on the XRP Ledger and Ethereum mainnets. In October, the company revealed partnerships with major exchanges. Ripple executives have projected RLUSD could achieve a market capitalization of $2 trillion by 2028.
XRP surged nearly 10% within an hour of the NYDFS announcement. Earlier in the day, the token briefly dipped below $2. Donald Trump’s re-election in November has driven renewed optimism among the XRP community. Last month, the current SEC chair Gary Gensler announced his resignation. Ripple reported significant growth in Q3, fueled by higher transaction volumes on the XRP Ledger and rising institutional interest in its XRP token. During Q3, the Chicago Mercantile Exchange (CME) introduced an XRP reference price, while Bitnomial disclosed plans to launch an XRP futures product. Grayscale also launched an XRP Trust and initiated efforts to convert its Digital Large Cap Fund into an ETF.
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