๐ฅ๐ถ๐ฝ๐ฝ๐น๐ฒโ๐ ๐ฅ๐๐จ๐ฆ๐ ๐ฆ๐ฒ๐ฐ๐๐ฟ๐ฒ๐ ๐๐ฒ๐ ๐ก๐ฒ๐ ๐ฌ๐ผ๐ฟ๐ธ ๐๐ฝ๐ฝ๐ฟ๐ผ๐๐ฎ๐น: ๐ซ๐ฅ๐ฃ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ๐ ๐ฆ๐๐ฟ๐ด๐ฒ .. ๐๐ผ๐น๐ฑ๐ฒ๐ฟ๐ ๐๐ฒ๐ ๐๐ผ๐น๐ถ๐ฑ ๐ฝ๐ฟ๐ผ๐ณ๐ถ๐๐
Ripple has announced a significant milestone as its USD-backed stablecoin, RLUSD, officially received approval from the New York State Department of Financial Services (NYDFS). Brad Garlinghouse, Ripple's CEO, shared the update on X (formerly Twitter), emphasizing that listings on exchanges and partnerships for RLUSD will go live shortly. This stablecoin, launched in collaboration with exchanges such as Bitstamp, Uphold, and Bitso, is expected to revolutionize cross-border payments and liquidity solutions.
A Boost for XRP Prices
Following the news of the NYDFS approval, Rippleโs native cryptocurrency, XRP, experienced a surge in investor confidence. Over the last 24 hours, XRP climbed by 22%, recovering from a low of $1.8 and currently trading above $2.4. This represents an 8% gain during the same period. The announcement has breathed new life into XRP, despite its recent monthly volatility, where it shed 9% of its value in the past week.
What Is RLUSD?
Introduced in October, RLUSD is Rippleโs stablecoin, developed in partnership with prominent exchanges and financial institutions. The stablecoin is designed to enable seamless cross-border transactions, acting as a reliable tool for global financial transfers. Unlike traditional cryptocurrencies prone to price swings, stablecoins like RLUSD are tied to real-world assets, ensuring consistent value.
Ripple envisions RLUSD as a bridge between fiat currencies and digital assets, facilitating conversions with ease for businesses and individuals. Its utility extends to supporting international trade, enhancing liquidity in markets, and serving as collateral for physical assets like commodities and securities.
