Ripple received NYDFS approval for RLUSD, signaling significant progress in the U.S. stablecoin market.
Transfers of 4 million RLUSD tokens indicate active preparation and partnerships with leading exchanges Bitstamp and Kraken.
RLUSD launch may challenge USDC and USDT as Ripple aims to meet the year-end deadline for its stablecoin rollout.
Ripple, a prominent crypto payment provider based in San Francisco, is advancing its plans for the Ripple USD (RLUSD) stablecoin. This development follows recent large-scale transfers of RLUSD tokens, suggesting active preparation for its upcoming launch.
Token Transfers Mark Progress
Recently, four million RLUSD tokens were moved from Ripple’s treasury to XRP Ledger-based wallets. While the identities of the parties involved remain undisclosed, reports indicate these transfers involved major U.S. cryptocurrency exchanges, including Bitstamp and Kraken. XRPWallets, a community account, tracked these movements, highlighting Ripple’s concerted efforts to position RLUSD within the broader crypto ecosystem.
Ripple's CEO, Brad Garlinghouse, announced that the company secured final approval for RLUSD from the New York State Department of Financial Services (NYDFS). This milestone paves the way for RLUSD to gain legitimacy in the highly regulated U.S. market. Consequently, the stablecoin's rollout has garnered significant attention, with exchange listings expected to follow shortly.
https://twitter.com/XRPwallets/status/1867065999586988377
Ripple Targets Year-End Launch
Although many anticipated RLUSD’s launch immediately after receiving regulatory approval, Ripple has yet to confirm a precise date. Market participants speculated the launch might coincide with the New York Stock Exchange’s opening today. However, Ripple reiterated that any official announcements regarding RLUSD would come directly from the company.
Despite the uncertainty surrounding the exact timeline, Ripple aims to introduce RLUSD before the year’s end. With less than two weeks remaining in 2024, the company appears determined to meet its self-imposed deadline.
Potential Competitor in the Stablecoin Market
The stablecoin market, projected to grow to $2.3 trillion in the coming years, offers ample opportunity for new entrants. RLUSD is poised to challenge established players like USDC and USDT. By leveraging partnerships with top exchanges and regulatory backing, Ripple aims to carve out a significant share of this competitive space.
As Ripple accelerates its efforts, RLUSD’s introduction could signal a transformative shift in the crypto payment landscape.
