Ripple poised for New York approval of stablecoin, set to enter regulated US crypto market

Published On Nov 29, 2024, 2:31 PM

Ripple is on the cusp of obtaining approval from the New York Department of Financial Services (NYDFS) to launch a regulated stablecoin, RLUSD, aimed at providing customers a less volatile alternative to XRP. With this launch expected on December 4, Ripple will significantly bolster its position in the regulated US crypto market and compete against established players like Circle and Paxos. This move comes amid ongoing legal troubles regarding XRP's status as a security, which remains uncertain ahead of a potential regulatory change with the incoming Trump administration.