Ripple announced an important event: its USD-backed stablecoin, RLUSD, has officially received approval from the New York State Department of Financial Services (NYDFS). Brad Garlinghouse, CEO of Ripple, shared the news on X (formerly Twitter), emphasizing that listings on exchanges and partnerships for RLUSD will begin shortly. This stablecoin, launched in collaboration with exchanges like Bitstamp, Uphold, and Bitso, is expected to revolutionize cross-border payments and liquidity solutions.
Rise in XRP prices
Following the news of NYDFS approval, Ripple's native cryptocurrency, XRP, experienced a surge in investor confidence. In the last 24 hours, XRP has risen by 22%, recovering from a low of $1.8 and currently trading above $2.4. This represents an 8% increase over the same period. The announcement has breathed new life into XRP, despite its recent monthly volatility, during which it lost 9% of its value in the past week.
What is RLUSD?
Introduced in October, RLUSD is a Ripple stablecoin developed in partnership with prominent exchanges and financial institutions. The stablecoin is designed to enable seamless cross-border transactions, serving as a reliable tool for global financial transfers. Unlike traditional cryptocurrencies, which are subject to price volatility, stablecoins like RLUSD are pegged to real assets, ensuring a stable value.
Ripple views RLUSD as a bridge between fiat currencies and digital assets, facilitating conversion for businesses and individuals. Its utility extends to supporting international trade, enhancing liquidity in markets, and being used as collateral for physical assets such as commodities and securities.
