{"id":102144,"date":"2024-11-29T18:58:29","date_gmt":"2024-11-29T22:58:29","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=102144"},"modified":"2024-11-29T18:59:26","modified_gmt":"2024-11-29T22:59:26","slug":"nydfs-to-approve-ripple-labs-rlusd-stablecoin","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/nydfs-to-approve-ripple-labs-rlusd-stablecoin\/","title":{"rendered":"New York Regulator Poised To Approve Ripple Labs\u2019 RLUSD Stablecoin: Report"},"content":{"rendered":"\n

According to CoinGecko data, the entire stablecoin market<\/a> capitalization as of November 29 was over $196 billion.<\/p>\n\n\n\n

\"New<\/figure>\n\n\n\n

The New York Department of Financial Services (NYDFS) is anticipated to approve Ripple Labs\u2019 RLUSD stablecoin, an overcollateralized dollar-pegged asset, within the coming days, according to sources cited by Fox Business.<\/p>\n\n\n\n

A Nov. 29 report by Fox Business\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> suggests that the stablecoin could launch as early as Dec. 4 following regulatory approval. <\/p>\n\n\n\n

Ripple Labs previously outlined its vision for RLUSD in an August statement, emphasizing its potential role in the company\u2019s cross-border payments ecosystem:<\/p>\n\n\n\n

\n

\u201cThere is a clear demand for stablecoins that deliver trust, stability, and utility. Once RLUSD is available, Ripple will use both RLUSD and XRP in its cross-border payments solution to serve its global customers and dramatically improve their experience.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Despite initial concerns from XRP holders about a potential shift in focus away from the XRP token, Ripple has not confirmed any intention to deprioritize XRP in favor of RLUSD.<\/p>\n\n\n\n

Ripple\u2019s Development of RLUSD Stablecoin<\/h2>\n\n\n\n

Plans to develop RLUSD were first announced in April 2024 as part of Ripple\u2019s strategy<\/a> to compete with stablecoins like USD Coin and Tether. <\/p>\n\n\n\n

The company has projected a $2 trillion market capitalization for stablecoins by 2028, expressing confidence in the opportunity for multiple issuers to share in this growing market.<\/p>\n\n\n\n

Testing for RLUSD began in August on the XRP Ledger and Ethereum mainnet, with Ripple expressing plans to expand the stablecoin to additional blockchains at a later date. <\/p>\n\n\n\n

Ripple has also committed to transparency, promising regular third-party audits of the reserves backing RLUSD and monthly reports on collateral levels.<\/p>\n\n\n\n

In October, Ripple announced a lineup of exchange partners for RLUSD, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.<\/p>\n\n\n\n

Ripple CEO Brad Garlinghouse<\/a> reiterated the company\u2019s dual commitment to leveraging XRP for enhanced liquidity and improving RLUSD\u2019s settlement capabilities. <\/p>\n\n\n\n

Ripple also highlighted its adherence to regulatory compliance under its New York Trust Company Charter, signaling a continued focus on maintaining trust and regulatory alignment.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to CoinGecko data, the entire stablecoin market capitalization as of November 29 was over $196 billion. The New York Department of Financial Services (NYDFS) is anticipated to approve Ripple Labs\u2019 RLUSD stablecoin, an overcollateralized dollar-pegged asset, within the coming days, according to sources cited by Fox Business. A Nov. 29 report by Fox Business […]<\/p>\n","protected":false},"author":56,"featured_media":102147,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[710,13345,142,1531,146],"class_list":["post-102144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-business","tag-nydfs","tag-ripple","tag-stablecoin","tag-xrp"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/New-York-Regulators-To-Approve-Ripple-Labs-RLUSD-Stablecoin.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/102144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=102144"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/102144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/102147"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=102144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=102144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=102144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}