Ripple Set to Redefine Stablecoin Standards with NYDFS-Approved RLUSD Launch
by aria-crypto.com
November 30, 2024 at 15:19
Ripple Set to Redefine Stablecoin Standards with NYDFS-Approved RLUSD Launch
The New York Department of Financial Services (NYDFS) is close to approving Ripple Labs' RLUSD, a new overcollateralized stablecoin pegged to the U.S. dollar, anticipated to launch on December 4, aiming at the competitive $190 billion global stablecoin market. This approval is significant as it places Ripple in direct competition with established U.S. stablecoin issuers like Circle, Paxos, and Gemini within the stringent regulatory framework of New York. The launch of RLUSD represents a strategic shift for Ripple, providing a stablecoin that reduces the price volatility and regulatory uncertainty linked to its native cryptocurrency, XRP. Despite XRP's challenges, including legal scrutiny by the SEC for unregistered securities claims, Ripple continues to expand its blockchain-based payments network, RippleNet, enhancing cross-border payment efficiency. RLUSD is poised to leverage RippleNet, broadening Ripple's foothold in regulated financial sectors and marking a significant stride towards embracing clear and stringent financial standards. Ripple Labs CEO Brad Garlinghouse recently expressed optimism about the sector's future, praising the incoming pro-crypto administration's potential for innovation and entrepreneurship in the industry.
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