Ripple stablecoin $RLUSD has been approved by the New York State Department of Financial Services (NYDFS), enhancing compliance and challenging the stablecoin market landscape.$XRP #XRP逆势反弹
With the strict approval from New York, $RLUSD's compliance has greatly increased
Ripple's stablecoin $RLUSD has finally received formal approval from the New York State Department of Financial Services (NYDFS), a news announced by Ripple CEO Brad Garlinghouse via social media on December 11. Since publicly planning in April this year, this stablecoin has attracted significant attention, and obtaining permission under New York's strict regulatory framework not only signifies an enhancement in RLUSD's regulatory compliance but also paves the way for its listing on mainstream exchanges.
Image source: X Ripple CEO Brad Garlinghouse announces the formal approval of stablecoin $RLUSD by the New York State Department of Financial Services (NYDFS)
$RLUSD is pegged to the US dollar at a 1:1 ratio, with reserves consisting of US dollars and high liquidity assets such as U.S. Treasury bills, demonstrating Ripple's emphasis on fund safety and stability. Historically, New York has imposed very strict requirements on cryptocurrency companies, requiring them to obtain a BitLicense or a limited purpose trust company license. The approval of $RLUSD signifies its legal operation in the most stringent and highest compliance financial market.
Market competition is fierce, and $RLUSD aims to challenge the landscape of $USDT and $USDC.
Currently, the stablecoin market is highly concentrated, led by two giants: Tether ($USDT) and Circle ($USDC), whose combined market capitalization accounts for about $140 billion. Other newcomers, such as PayPal's $PYUSD, despite backing by an international payment giant, saw their market value drop by 50% shortly after launch, highlighting the challenges faced by new stablecoin competitors.
However, the strategy for $RLUSD may differ. Ripple has previously revealed that, in addition to having a stable financial foundation and payment customer base, the company plans to create a market niche through attractive incentive programs, expanding across multiple blockchain networks, and prioritizing inter-institutional payment applications. Market news indicates that $RLUSD has already been tested on the XRP Ledger and Ethereum mainnet, with circulating volume reportedly distributed across both chains totaling over tens of millions of dollars. $RLUSD is establishing partnerships with several exchanges and payment platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish, with the next step likely being a large-scale trading launch.
$XRP Strong rise, $RLUSD assists ecological development
Not only has $RLUSD's successful approval brought excitement, but Ripple has also achieved remarkable results in regulations and market positioning in recent months.$XRP Recently, the market capitalization surged significantly, becoming the focus of attention, compounded by news of the resignation of the SEC chair and the appointment of a pro-crypto candidate, leading to expectations that Ripple's compliance process in the U.S. may proceed more smoothly.
In this context, the launch of $RLUSD is seen as a significant step in Ripple's global payment strategy. Stablecoins are an essential infrastructure in the cryptocurrency ecosystem, widely used in trading, payments, cross-border transfers, and decentralized finance (DeFi) protocols. Ripple's president, Monica Long, previously stated that $RLUSD aims to become an intermediary for institutional payment solutions while playing a key role in the future wave of tokenization of physical assets.
Through $RLUSD, Ripple will be able to strengthen its existing enterprise-level customer network and allow more traditional financial institutions to enter the decentralized market. Although the market remains cautious about the competitive prospects of new stablecoins, $RLUSD has already positioned itself at a higher starting point after obtaining NYDFS approval, ready to challenge the existing stablecoin landscape and expand its presence in mainstream exchanges in the next phase.
