XRP
December 11, 2024
Ripple has announced a new milestone in the cryptocurrency market, as it received final approval from the New York Department of Financial Services (NYDFS) to launch its RLUSD stablecoin. This development comes as part of the company’s efforts to strengthen its presence in the US market and compete with other stablecoins such as Circle’s USDC, which ranks second in the world in terms of market capitalization.
The new RLUSD coin is pegged 1:1 to the US dollar, with strong collateral including cash deposits and short-term US Treasury bonds, giving it a structure similar to Tether.
Ripple’s strategy is to target large institutions as primary customers for the stablecoin, with plans for an imminent listing on cryptocurrency exchanges. RLUSD has undergone rigorous testing this year on both the XRP Ledger and Ethereum networks to ensure its full readiness, in collaboration with strategic partners who are facilitating its launch.
On the market front, these developments were positively reflected on the Ripple (XRP) digital currency, which witnessed a significant increase of 17.22% on a daily basis, reaching $2.43 per coin.
With this performance, Ripple has been able to consolidate its position as one of the largest digital currencies, currently ranking fourth in the world in terms of market capitalization, according to data from CoinMarketCap. This strong rise reflects investors’ confidence in the steps taken by Ripple to strengthen its position in the digital currency market and achieve more achievements in this dynamic field.
