Ripple is on track to launch a regulated stablecoin, RLUSD, with approval from the New York State Department of Financial Services (NYDFS) expected to be granted soon.
According to a report from FOX Business, the company is expected to launch on December 4th. This will be a significant step in Ripple's expansion into the tightly regulated digital finance sector in New York.
Ripple's Stablecoin: A New Advancement into the US Cryptocurrency Market
Ripple's entry into the stablecoin market will put the company in direct competition with major US issuers such as Circle, Paxos, and Gemini.
If approved, Ripple will be able to offer RLUSD as a stable and regulated digital currency, providing a reliable alternative to XRP. This could attract customers looking to avoid volatility and the legal challenges associated with other cryptocurrencies.
New York remains an important market for stablecoin issuers, with a strict regulatory framework from NYDFS that includes transparency, security, and consumer protection requirements.
“XRP, 1,000 times faster and 1,000 times cheaper than Bitcoin, combined with Ripple's upcoming RLUSD, which the US Treasury considers an important liquidity product backed by US Treasury Bonds, will help the US and the world avoid chaos and economic crisis,” Rob Cunningham wrote on X.
Companies like Ripple often pursue limited-purpose trust charters to provide digital asset services without facing the stringent oversight that traditional banks endure. Other companies like Coinbase and Robinhood operate under New York's BitLicense to offer cryptocurrency trading and custody services.
Additionally, the launch of Ripple's stablecoin will be supported by payment partners such as Bitstamp, Moonpay, and Uphold, ensuring broad accessibility for users as the product goes live.
“RLUSD will only operate on the XRP Ledger and will not support multi-chain. It is designed for institutional payments and will compete with USDT/USDC in cross-border payment transactions,” influencer Martin Folb wrote on X.
XRP surpasses BNB to become the fifth largest cryptocurrency
Ripple's XRP token recently surpassed BNB to become the fifth largest cryptocurrency by market capitalization. Today, this altcoin exceeded the $100 billion mark for the first time in over three years.
November saw XRP's value increase by more than 230%, thanks to investor confidence and a strong bullish trend across the market.
XRP price performance throughout November 2024 | Source: BeInCrypto
The resignation of SEC Chairman Gary Gensler earlier this month has increased optimism surrounding Ripple. Gensler's departure has led to speculation that Ripple may face less legal pressure from the SEC, the agency that has previously targeted the company.
Institutional interest in XRP is also increasing. Last week, WisdomTree filed for an XRP ETF in Delaware. This is the third application following similar applications from Bitwise and Canary Capital in October.
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