Ripple has announced that the New York State Regulatory Authority (NYSDFS) has approved the launch of the company’s first stablecoin, RLUSD, marking a major step in its expansion into the cryptocurrency market. The coin aims to offer customers a stable option compared to the volatility associated with $XRP .
Project details:
Regulatory License: Ripple has received preliminary approval from New York and is working on obtaining additional licenses, such as the BitLicense, which will allow it to offer cryptocurrency trading services in a strict regulatory environment.
Expansion: The company seeks to provide innovative digital solutions while adhering to regulations, putting it alongside other stablecoin providers like Paxos and Gemini.
Partnerships and Launch: Details on platform listings and partnerships related to the new currency will be revealed soon.
CEO comments:
Ripple CEO Brad Garlinghouse has stressed the importance of clear regulations to support innovation in the cryptocurrency sector in the United States, warning that regulatory ambiguity could push companies to move to countries with less oversight.
Legal and political dimensions:
He pointed to political developments, including the Fit 21 Act, which seeks to shift some regulatory powers from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC) to make it easier for crypto companies to operate.
Expressed confidence that $XRP would not be classified as securities in the ongoing litigation.
This achievement strengthens Ripple’s position in the cryptocurrency market and reflects its commitment to regulatory compliance and providing innovative financial solutions.
