The launch will be "soon," according to Garlinghouse.
NYDFS granted final approval for the cryptocurrency.
"RLUSD will launch soon!" the company Ripple announced this afternoon through its X account.
The announcement comes minutes after the New York State Department of Financial Services (NYDFS) granted them approval for the launch.
Brad Garlinghouse, CEO of Ripple, confirmed the news: "We have final approval from NYDFS for RLUSD! The list of exchanges and partners will be available soon."
As CriptoNoticias has explained, RLUSD is a stable cryptocurrency (stablecoin) created by Ripple, designed to maintain a 1:1 parity with the U.S. dollar.
This coin is backed by deposits in dollars, short-term U.S. Treasury bonds, and other cash equivalents, ensuring its stability and reliability.
RLUSD offers a secure option for transactions and payments, functioning on both the XRP Ledger and Ethereum, which expands its accessibility and use.
The launch of RLUSD is important for Ripple for several strategic reasons. First, it provides a new source of revenue through fees and associated services, strengthening the sustainability and expansion of the company.
Furthermore, by introducing a regulated stablecoin backed by tangible assets, Ripple not only strengthens its position in the cryptocurrency market but also increases the liquidity and utility of XRP, its native cryptocurrency. This synergy between RLUSD and XRP could drive a higher volume of transactions on the XRP Ledger, potentially elevating the price and adoption of XRP.
Following this announcement, the price of XRP reacted accordingly and shows an emerging rebound.
A long way for Ripple
Following this significant advance for Ripple, it is valuable to reflect on the long journey that XRP has taken in recent years.
In 2020, Ripple was in the eye of the storm following the SEC's accusations regarding the alleged unregistered sale of securities, a situation that posed an uncertain future not only for Ripple but also for the value of XRP. Ripple's resilience in the face of these legal challenges, coupled with its ability to adapt and evolve, has been remarkable.
Donald Trump's recent electoral victory, who will be the next president of the United States, has been seen by many in the industry as a potential shift in favorable winds for cryptocurrencies, especially for those companies that have faced legal challenges like Ripple.
In his administration, Trump could impose a more favorable or at least more predictable regulatory stance, which undoubtedly positively influences the sector. This new administration could be more open to understanding and potentially adjusting the regulatory framework affecting cryptocurrencies and their various applications.