The blockchain firm’s CEO, Brad Garlinghouse, has confirmed receiving the new licence.
Exchange and partner listings for the stablecoin are yet to be confirmed.
Ripple' CEO, Brad Garlinghouse
RLUSD, the USD-pegged stablecoin launched by Ripple, has “officially” received approval from the New York State Department of Financial Services (NYDFS), the blockchain firm’s CEO, Brad Garlinghouse, confirmed on social media platform X (formerly Twitter).
He further highlighted that the “exchange and partner listings [for the stablecoin] will be live soon.” The stablecoin was launched in partnership with crypto exchanges, including Uphold, Bitstamp, and Bitso.
This just in…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 confirmation of the licence also brought optimism among crypto investors and pushed the price of the XRP token up by about 21 per cent from the $1.9 bottom it reached in the past 24 hours. The cryptocurrency is now trading above $2.3, gaining approximately 7.4 per cent over the same period.
XRP price movement in the last 24 hours; Source: Coinmarketcap.com
Ripple launched RLUSD last October in partnership with leading crypto exchanges and financial institutions. The stablecoin is designed to support cross-border payments and will be available to users worldwide.
Unlike regular cryptocurrencies, which are highly volatile, stablecoins are pegged to real-world assets, making them much more ‘stable.’
As Ripple has explained, one use case of RLUSD will be facilitating transactions across international borders, enabling businesses to transfer capital efficiently. The token also acts as a bridge between fiat currencies and crypto assets, allowing businesses and individuals to convert between the two.
Additionally, the stablecoin will support trading and serve as collateral for real-world assets such as commodities and securities, enhancing liquidity and transparency in digital asset markets.
RLUSD, the USD-pegged stablecoin launched by Ripple, has “officially” received approval from the New York State Department of Financial Services (NYDFS), the blockchain firm’s CEO, Brad Garlinghouse, confirmed on social media platform X (formerly Twitter).
He further highlighted that the “exchange and partner listings [for the stablecoin] will be live soon.” The stablecoin was launched in partnership with crypto exchanges, including Uphold, Bitstamp, and Bitso.
This just in…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 confirmation of the licence also brought optimism among crypto investors and pushed the price of the XRP token up by about 21 per cent from the $1.9 bottom it reached in the past 24 hours. The cryptocurrency is now trading above $2.3, gaining approximately 7.4 per cent over the same period.
XRP price movement in the last 24 hours; Source: Coinmarketcap.com
Ripple launched RLUSD last October in partnership with leading crypto exchanges and financial institutions. The stablecoin is designed to support cross-border payments and will be available to users worldwide.
Unlike regular cryptocurrencies, which are highly volatile, stablecoins are pegged to real-world assets, making them much more ‘stable.’
As Ripple has explained, one use case of RLUSD will be facilitating transactions across international borders, enabling businesses to transfer capital efficiently. The token also acts as a bridge between fiat currencies and crypto assets, allowing businesses and individuals to convert between the two.
Additionally, the stablecoin will support trading and serve as collateral for real-world assets such as commodities and securities, enhancing liquidity and transparency in digital asset markets.
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
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