Insiders: Ripple will receive regulatory approval from New York to issue the stablecoin RLUSD

2024-11-30 08:51:38

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ChainCatcher news, according to FOX Business, informed sources reveal that Ripple is about to receive approval from the New York Department of Financial Services (NYDFS) to issue the stablecoin RLUSD, which is expected to officially launch on December 4, 2024.

Currently, XRP has a market capitalization of $99 billion, ranking as the fifth largest cryptocurrency in the world. As an institution already licensed by NYDFS, Ripple will collaborate with payment service providers such as Bitstamp, Moonpay, and Uphold to launch this stablecoin.

The stablecoin aims to meet customer demand for low-volatility digital currencies while further promoting the development of cross-border payments and remittance transactions. Previously, Ripple also established the RLUSD Advisory Council, which includes former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair, former JPMorgan executive David Puth, and Ripple co-founder and Executive Chairman Chris Larsen.

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Ripple RLUSD XRP

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