Good news for Ripple! The New York Department of Financial Services (NYDFS) has officially approved Ripple’s stablecoin, RLUSD. Ripple’s CEO, Brad Garlinghouse, shared the news on social media platform X (formerly Twitter). He mentioned that Ripple will announce the launch of RLUSD soon.
What is RLUSD, and Why is This Approval Important?
RLUSD is a stablecoin created by Ripple, designed to have a stable value. This final approval from the NYDFS is a big step, as it allows Ripple to officially launch RLUSD. Stablecoins like RLUSD are popular because their value doesn’t fluctuate as much as other cryptocurrencies, making them reliable for payments and trading.
Ripple has also warned the crypto community to ignore rumors about RLUSD. Just last week, Ripple had to deny false reports claiming RLUSD had already launched.
When Will RLUSD Be Launched?
In September, Ripple’s CEO said RLUSD would launch within weeks, not months. While a bit more time has passed, the NYDFS approval signals that the launch is very close—possibly just a few days away.
Ripple has been preparing for this launch for months. In August 2024, the company successfully tested RLUSD in beta mode. They even created a Ripple USD Tracker account to keep the community updated on RLUSD’s activity.
What’s Happening with XRP Prices?
Ripple’s cryptocurrency, XRP, has also been in the spotlight. Currently, XRP is priced at $2.32—a massive 300% increase in the past 30 days. XRP has climbed to the third spot among cryptocurrencies, with a total market value of $132.88 billion.
Several factors contributed to this surge:
Political Changes: Donald Trump’s win in the 2024 U.S. presidential elections caused a shift in how regulators view the crypto industry.
Legal Wins for Ripple: Ripple’s legal battle with the SEC (Securities and Exchange Commission) ended in its favor. The SEC, which had sued Ripple for four years, saw leadership changes. Gary Gensler, the former SEC Chairman, resigned, and Paul Atkins took over. This boosted confidence in the crypto market.
ETF on XRP: WisdomTree, an asset management company, filed paperwork to launch an XRP exchange-traded fund (ETF), which is now awaiting approval.
Final Thoughts
Ripple’s RLUSD stablecoin is almost here, and the crypto world is excited. With legal approvals, rising XRP prices, and support from the community, Ripple is set to make a big impact in the cryptocurrency space.