XRP jumps 10%! Ripple's stablecoin RLUSD is officially approved, what's next?
Obtaining strict license in New York, $RLUSD compliance greatly increased
Ripple's stablecoin $RLUSD has finally been officially approved by the New York State Department of Financial Services (NYDFS). This news was announced by Ripple CEO Brad Garlinghouse through the social platform on December 11.
The stablecoin has attracted much attention since the plan was made public in April this year. Obtaining a license under the strict regulatory framework of New York not only means that RLUSD's regulatory compliance has been taken to a higher level, but also paves the way for it to enter mainstream exchanges.
Market news shows that $RLUSD has been tested on the XRP Ledger and Ethereum mainnets, and the current circulation is said to be distributed on the two chains with a total of more than tens of millions of dollars. $RLUSD has established cooperation through multiple exchanges and payment platforms such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve CoinMENA, Bullish, etc., and the next step is likely to be large-scale listing and trading.
Through $RLUSD, Ripple will be able to strengthen its existing enterprise-level customer network and allow more traditional financial institutions to enter the decentralized market. Although the market is still watching the competitive prospects of new stablecoins, after obtaining the NYDFS license, $RLUSD has stood at a higher starting line to challenge the existing stablecoin pattern and expand the mainstream exchange map to start the next stage.
