Key takeaways
- Ripple is expected to receive approval from the NYDFS to issue the RLUSD stablecoin via a limited-use trust charter.
- Ripple’s XRP toppled BNB, becoming the fourth largest cryptocurrency by market capitalization.
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Ripple is expected to receive approval from the New York Department of Financial Services (NYDFS) to launch its stablecoin RLUSD, allowing it to enter the US crypto market, according to a report from Fox Business.
The regulatory approval will allow Ripple to operate as a major player in New York’s regulated digital finance market and the broader stablecoin ecosystem.
The report states that the NYDFS is close to approving Ripple’s RLUSD, with the company planning a December 4 launch.
Ripple currently operates RippleNet, a global payments network using blockchain technology to provide cross-border payment solutions to banks and businesses as an alternative to SWIFT.
Although the company’s native token, XRP, serves as a bridge currency for transactions, it remains unregulated in the United States.
XRP, currently trading at $1.75, has seen renewed momentum, making BNB the fifth largest crypto asset by market capitalization and reaching a market cap of $100 billion.
The token’s price plunged more than 50% in 2020 after the SEC filed a lawsuit alleging securities law violations.
However, it has recently increased after Donald Trump’s election victory, driven by his promises to ease crypto regulations and position the United States as the “crypto capital of the planet.”
Further gains were fueled by the announcement of SEC Chairman Gary Gensler’s departure, which XRP holders view as a positive step, anticipating a more crypto-friendly replacement under Trump.
The move puts Ripple in direct competition with established U.S. stablecoin issuers including Circle, Paxos, and Gemini.
The stablecoin market, currently valued at $190 billion, is expected to grow further under the pro-crypto Trump administration, which could pave the way for federal stablecoin regulation.
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