In this article: Ripple, with NYDFS approval, will launch its new stable coin RLUSD in New York on December 4.
RLUSD offers a stable alternative to #XRP , which is facing legal challenges and price volatility due to ongoing SEC litigation.
The launch will allow #Ripple to compete directly with key stable coin players such as Circle, Paxos and Gemini.
RLUSD, Ripple's dollar stable coin, will officially debut in New York on December 4. The New York Department of Financial Services (NYDFS) is reportedly ready to approve the new product, which will allow Ripple to enter New York's highly regulated financial markets.
Based on Ripplenet, Ripple's core business utilizes blockchain technology to provide faster and cheaper international payments. With RLUSD, Ripple now wants to expand its reach by enabling companies to use blockchain for low-risk financial transactions.
Ripple has found itself at the center of one of the most intense regulatory battles in #cryptocurrency history. 1 Since 2020, the company has faced legal action from the U. S. Securities and Exchange Commission over allegations that its proprietary cryptocurrency XRP is an unregistered security.
The lawsuit caused the price of xrp to plummet by more than 50 percent, reducing its market value by ¥160 billion. For several years, XRP struggled to recover, and its value fell below 1. Ripple's fight with the SEC was a major hurdle that lasted 4 years.
But after Donald Trump won re-election earlier this month, everything changed. Trump's election has rekindled optimism in the crypto community, promising to make the United States the crypto-face of the planet.
After Trump's victory, the price of XRP skyrocketed, reaching $1.70 and returning to the top 5 #cryptocurrencies in terms of market value, but is now worth over $9.99 billion.
The change in political leadership will also ease Ripple's legal troubles.
RLUSD is directly competing with stable coins issued in the U. S.
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