top of page
crymet-bg.png

BREAKING: Ripple’s RLUSD Stablecoin Gains Regulatory Approval from NYDFS

  • Writer: _crymet
    _crymet
  • Dec 10, 2024
  • 2 min read

Ripple’s much-anticipated RLUSD stablecoin has successfully secured regulatory approval from the New York State Department of Financial Services (NYDFS), marking a significant milestone for the company. Brad Garlinghouse, Ripple’s CEO, announced that the dollar-pegged stablecoin will soon be available on major cryptocurrency exchanges, with exchange listings expected to go live shortly.



RLUSD: From Announcement to Approval


Ripple first unveiled the RLUSD stablecoin in April 2024. The asset, designed to maintain a 1:1 value with the US dollar, entered its beta phase in August of the same year. During this beta rollout, RLUSD was made available for testing on both the XRP Ledger and Ethereum blockchain, allowing selected enterprise partners to evaluate its performance. In a public statement, Ripple cautioned users to remain vigilant against potential scams or impersonations related to the new stablecoin.



While RLUSD remains in beta without an official launch date, this regulatory approval signifies that Ripple is nearing a full-scale release. The stablecoin aims to address volatility concerns in the crypto market by offering a reliable store of value. Additionally, RLUSD is set to complement XRP as a bridge currency, facilitating smoother cross-border transactions between different fiat currencies within Ripple’s payment solutions.


Why RLUSD Matters for Financial Institutions


For financial institutions hesitant to use XRP due to ongoing regulatory uncertainty, RLUSD offers a secure alternative. Ripple’s commitment to achieving regulatory clarity for RLUSD has, however, contributed to delays in the stablecoin’s mainnet launch. Nevertheless, the company’s strategic moves are paying off.



Strategic Moves to Ensure Compliance


To pave the way for regulatory approval, Ripple made significant progress toward securing the Limited-Purpose Trust Charter required by the NYDFS. A notable step came in June 2024, when Ripple acquired Standard Custody & Trust Company, a firm already chartered by the NYDFS. This acquisition strategically positioned RLUSD for future approval and distribution.


What’s Next for RLUSD?


With the regulatory approval now secured, only the official market launch remains. Standard Custody & Trust Company will oversee the distribution of RLUSD to exchange partners. Platforms such as Uphold and Bitstamp are expected to be among the first to support RLUSD trading. This launch will provide users with a reliable, dollar-backed asset for trading, payments, and hedging against crypto market fluctuations.


Ripple’s strategic regulatory approach, combined with the innovative design of RLUSD, sets the stage for a stablecoin that could significantly impact the crypto and financial industries. As the market eagerly awaits RLUSD’s official launch, Ripple’s progress underscores its commitment to regulatory compliance and financial innovation.


NO INVESTMENT ADVISE

The information presented in this blog post is provided in good faith for general informational purposes. While we strive to ensure accuracy and reliability, we do not make any guarantees regarding the completeness or accuracy of the content. Please be aware that portions or entire articles may have been generated with the assistance of artificial intelligence, and translations, where applicable, might have been performed entirely by machine. Any actions taken based on the information provided are at your own risk. We are not responsible for any losses or damages that may result from the use of this information. By engaging with this content, you agree to our Terms of Use.


crymet-bg_edited.jpg

DISCLAIMER
NO INVESTMENT ADVICE

All information available on our website, linked sites, blogs and social media accounts is for general informational purposes only.


The information on this website is not intended to be investment advice, financial advice, trading advice, or any other form of advice, and should not be relied upon as such. _crymet does not recommend the purchase, sale, or holding of any cryptocurrency by you. It is essential to perform your own due diligence and consult with your financial advisor before making any investment decisions.
We do not guarantee the accuracy or currency of the content provided. None of the information on our Site constitutes financial, legal, or any other type of advice intended for your specific needs. Any use or reliance on our content is solely at your own risk.


Trading cryptocurrencies is highly risky and can result in significant losses. Therefore, consult your financial advisor before making any financial decisions. The content provided on our website should not be considered an invitation or offer under any circumstances.

_crymet.png

beta

The cutting-edge platform for analyzing the sentiment of crypto markets.
Crypto Fear and Greed Index, market sentiment indicators & trends.


_crymet. Data-driven and in real-time.

© 2024 _crymet. all rights reserved.

bottom of page