NYDFS Set to Approve Ripple’s RLUSD Stablecoin, Launch Expected by December 🤩
The New York Department of Financial Services (#NYDFS ) is reportedly set to approve Ripple Labs’ RLUSD stablecoin, an overcollateralized, dollar-pegged token, with a potential launch date of December 4. Ripple aims to use RLUSD alongside XRP for cross-border payments, improving liquidity and settlement speed.
Initially announced in April 2024, RLUSD has been tested on the XRP Ledger and Ethereum, with plans to expand to other blockchains. Ripple has partnered with exchanges like Uphold and Bitstamp, emphasizing regulatory compliance and transparency through third-party audits and monthly reserve reports. Ripple forecasts the stablecoin market could grow to $2 trillion by 2028.
This is bullish!
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