Ripple’s RLUSD Stablecoin Set for Approval in New York, Launch Expected in December
New York Department of Financial Services is poised to greenlight Ripple’s stablecoin, positioning the company as a key player in the regulated digital finance space.
Because Bitcoin
November 30, 2024
New York’s top crypto regulator is close to approving a new stablecoin from Ripple, a cross-border payments company, FOX Business has reported. Sources familiar with the matter indicate that the New York Department of Financial Services (NYDFS) has signaled its intention to approve Ripple’s RLUSD stablecoin, with the company eyeing a potential launch on December 4. If granted approval, Ripple will be able to legally offer RLUSD, positioning itself as a significant player in New York’s regulated digital finance market and the broader stablecoin ecosystem.
Ripple’s core business revolves around RippleNet, a decentralized global payments network using blockchain technology to provide faster, more affordable cross-border payment solutions. However, Ripple’s native token, XRP, remains entangled in legal battles with the U.S. Securities and Exchange Commission (SEC), which continues to argue that XRP is an unregistered security.
The NYDFS is known for its stringent regulation of crypto firms, requiring high standards for transparency, security, and consumer protection. Ripple’s acquisition of Standard Custody & Trust Company, which already holds a trust charter from NYDFS, has helped expedite the approval process for RLUSD.
Ripple plans to work with payment providers like Bitstamp, Moonpay, and Uphold to roll out RLUSD. If successful, this move will put Ripple in direct competition with U.S. stablecoin issuers such as Circle, Paxos, and Gemini.
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