RIPPLE'S STABLECOIN RLUSD APPROVED FOR DECEMBER LAUNCH IN NEW YORK
Ripple's stablecoin, RLUSD, is set to launch in New York on December 4, after receiving approval from the New York Department of Financial Services (NYDFS) . This marks a significant milestone for Ripple, as it enters the highly regulated New York finance market.
RLUSD is a dollar-backed stablecoin that aims to provide a stable alternative to XRP, Ripple's native cryptocurrency. This launch will position Ripple as a key player in the regulated digital finance space, competing with established players like Circle, Paxos, and Gemini .
The approval from NYDFS is a testament to Ripple's commitment to regulatory compliance. RLUSD will be available on the XRP Ledger and is intended for institutional settlement, competing with USDT and USDC for cross-border payments .
This development comes on the heels of XRP's recent surge, which saw its market capitalization surpass $100 billion. The launch of RLUSD is expected to further boost XRP's adoption and price .