Ripple Lab's upcoming stablecoin RLUSD is expected to be approved by the New York Department of Financial Services (NYDFS) and could be launched by December 4. This overcollateralized dollar-pegged stablecoin aims to provide stability amidst Ripple's legal battle with the SEC over XRP's security status. Operating under state-level regulations, Ripple plans to launch RLUSD through a limited purpose trust charter or BitLicense. The company acquired Standard Custody & Trust Company to issue RLUSD, with plans to expand to other blockchains. Ripple also partnered with exchanges to offer RLUSD to users, ensuring regular audits of reserves. Meanwhile, investors dropped a Dogecoin lawsuit against Elon Musk, boosting Greenidge's operations. Judge Failla's ruling on code execution and Circle's relocation to New York signal a shift towards mainstream adoption of stablecoins by 2025. CryptoSlate provides comprehensive crypto news and insights, emphasizing Bitcoin, DeFi, and AI. Read more AI-generated news on: https://app.chaingpt.org/news
Ripple's RLUSD Stablecoin Launch with NYDFS Approval
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