Ripple’s CEO Brad Garlinghouse announced that Ripple has received final approval from the New York Department of Financial Services (NYDFS) for its highly anticipated RLUSD stablecoin.
The announcement comes after last week, where Ripple clarified that RLUSD was awaiting regulatory clearance and reaffirmed its commitment to upholding strict compliance standards. The announcement dismissed numerous rumors floating across the crypto market regarding the RLUSD launch.
RLUSD: Ripple’s Commitment to Compliance Through RLUSD
Ripple’s RLUSD stablecoin, initially announced in June 2024, is a 1:1 USD-pegged stablecoin backed by USD deposits, short-term US treasuries, and other cash equivalents. After entering beta testing on Ripple’s decentralized public blockchain, the Ethereum mainnet, and the XRP Ledger in August, the stablecoin has attracted interest due to its potential to expand Ripple’s ecosystem.
The RLUSD announcement comes on the heels of Ripple’s landmark victory against the SEC, which boosted investor’s confidence and paved the way for future developments.
XRP has seen an impressive surge in value, trading at approximately around $2.16 with 6.1% hike in an hour. However, the cryptocurrency is facing strong resistance at $2.4, hindering its rally.
Also Read: XRP Price Prediction 2024 – 2050: Analyzing Future Trends
