Ripple Labs (XRP) has officially received final approval from the New York State Department of Finance (NYDFS) for its stablecoin RLUSD. Ripple’s CEO Brad Garlinghouse made the announcement in a post to X Tuesday afternoon, revealing the latest achievement.
“This just in…” the announcement reads, “we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from @Ripple first.” The news means that we may see the arrival of RLUSD as soon as this month.
Following its years-long legal battle with the SEC, Ripple has flourished in the final months of 2024. The company’s native cryptocurrency is now the fifth largest in the world by market cap. Ripple Labs’ decision to launch a stablecoin was also met with optimistic ears earlier this year. The coin has been ready for some time and could see its door to New York City, one of the finance capitals of the world, open up soon.
Over the past month, Ripple Labs has seen plenty of success, especially with its native cryptocurrency XRP. The asset is up over 200% in the last 30 days. The XRP Ledger has also seen significant success, especially on the world stage. Last month, the software company made waves in BRICS countries India and Russia. The Russian government has taken a significant step in digital asset regulation, passing a bill recognizing XRP and other cryptocurrencies. The bill also established a clear taxation framework for crypto. In addition, the Reserve Bank of India (RBI) also announced a collaboration with Ripple Labs for the virtual Rupee initiative.
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Ripple RLUSD To Pump XRP Price?
The arrival of RLUSD is also expected to further pump XRP Price. Currently, XRP is trading at $2.255, up 7% in the last hour alone. With Christmas around the corner, the market is also getting into the festive spirit, with investors hoping that the realm would favor their XRP investments more seriously. Predictions have been raised for the asset over the remainder of the year, with projections touching near $3, contains the assets surge. Should the Ripple stablecoin RLUSD launch in the next week, expect Ripple to see further growth.
Garlinghouse has yet to provide an estimated launch date for the stablecoin. However, the NYDFS’ approval is a great sign.
