New York regulators approve RLUSD stablecoin, Ripple CEO says

The New York State Department of Financial Services (NYSDFS) approved Ripple's first stablecoin, RLUSD, on Tuesday, according to CEO Brad Garlinghouse.

Ripple to enter stablecoin market
Ripple intends to provide digital currency investors RLUSD to mitigate the volatility of its main asset, XRP. Ripple wants to expand its operations and deliver a reliable digital currency, therefore the certification is essential.

Ripple may need a limited purpose trust charter to function properly in New York. This charter will let the company provide digital asset services without banking regulations.

Coinbase and Robinhood may trade and store cryptocurrencies with a BitLicense from the NYDFS.

Ripple enters the stablecoin market after Paxos and Gemini received regulatory certification for PAX and GUSD, respectively.

MoonPay president of Enterprise Keith Grossman voiced confidence in Ripple's market launch, emphasizing the need for “well-capitalized, highly regulated players” in the shifting global financial landscape.

Garlinghouse said that Ripple will notify the public when RLUSD is live and that exchange and partner listings will be provided shortly.

Garlinghouse Requests Clear Crypto Regulations

Garlinghouse made the remark after appearing on CBS's "60 Minutes," when he called for clearer crypto regulations.

To sustain the US' cryptocurrency leadership and prevent the sector from relocating to countries with less safeguards, the CEO stressed the need of “clear rules of the road”. “We want regulation. “Just give us clear rules of the road,” Garlinghouse added.

Garlinghouse also addressed politics, including President-elect Donald Trump's Bitcoin attitude, in his interview. He quipped, “Whether or not it’s a conflict of interest, the voters have knowingly said we want this person to be our president.”

Garlinghouse also complimented US Congress' bipartisan Fit 21 measure, which he regards as a step toward fair regulation.

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