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Ripple’s RLUSD stablecoin gets green light from New York regulator
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Ripple obtained the Final approval from New York State Department of Financial Services (NYDFS) for the launch of its stablecoin RLUSDas announced by the company’s CEO, Brad Garlinghouse.
According to the executive, approval was confirmed on Tuesday (11), and Exchange listings and partnerships will be active soon.
At a recent The Block event, David Schwartz, CTO of Ripple, had already expressed hope that the launch of RLUSD could take place by the end of 2024.
Ripple announced the development of RLUSD in September 2024. The stablecoin will initially be made available on networks Ledger and Ethereum. Testing began in Augustand in October, Ripple revealed a list of exchange partners and market makers that will support the new stablecoin.
Among the partners are Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA and Bullishwhile companies B2C2 and Keyrock will act as market makers, ensuring the liquidity of the token.
RLUSD hits the market at a time when Stablecoins play an increasingly central role in the crypto ecosystemoffering a stable alternative for digital negotiations and payments.
The regulatory support of NYDFSone of the strictest entities in the US financial sector, represents a milestone for Ripplehighlighting confidence in the company’s compliance with regulatory standards.
With this launch, Ripple seeks to consolidate its position in the digital assets market. At the same time, the XRP issuer expands the use of the RLUSD stablecoin for different applications such as payments and financial exchanges within the blockchain space.
Meanwhile, the price of Ripple’s XRP operates at a significant daily increase, above 11%. At the time of writing this article, the token is priced at US$2.38, according to data from CoinGecko.
Ripple’s RLUSD stablecoin gets green light from New York regulator
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Ripple’s RLUSD stablecoin gets green light from New York regulator
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Ripple’s RLUSD stablecoin gets green light from New York regulator
