XRP Rises 6% as RLUSD Stablecoin Gains Regulatory Approval

XRP jumped more than 6% in the past 24 hours after Ripple CEO Brad Garlinghouse announced that the company’s RLUSD stablecoin received regulatory approval from the State Department of Financial Services. New York (NYDFS).

“This just came in…we have final approval from NYDFS for RLUSD!” Exchange and partner lists will be available soon,” Garlinghouse said in a Dec. 10 statement. job.

XRP outperforms Bitcoin and Ethereum

Thanks to recent gains, XRP also managed to outperform crypto market leaders Bitcoin (BTC) and Ethereum (ETH) over the past 24 hours. The leading cryptocurrency BTC saw only a slight price increase during the same period, while ETH saw its price drop by more than 2%.

XRP hit a 24-hour high of $2.41 after falling to an intraday low of $1.91. It has since pulled back slightly to trade at $2.30 as of 2:55 a.m. EST. The gain recorded during the last trading day also added to the crypto’s positive monthly streak. As a result, the crypto is up over 299% in the last 30 days.

RLUSD Could Reach $2 Trillion Market Cap by 2028

Ripple announced plans to launch its own stablecoin in April, aiming to compete with Tether (USDT) and Circle (USDC). Company executives have predicted that RLUSD could reach a capitalization of $2 trillion by 2028, which is currently higher than BTC’s valuation of just over $1.93 trillion.

RLUSD will also be pegged 1:1 to the US dollar, like USDT and USDC. Ripple said in April that its reserves would include U.S. dollar deposits, short-term U.S. Treasury bills as well as “other cash equivalents.”

Test, test… RLUSD! We are excited to announce that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and is therefore not available for purchase or trading – please be wary of scammers claiming they…

– Ripple (@ripple) August 9, 2024

In August, the company began testing the RLUSD stablecoin on the XRP ledger and Ethereum mainnets. Ripple has also since announced partnerships with exchanges including Bitstamp, Uphold, Bitso, Independent Reserve, Moonpay, CoinMENA and Bullish.

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