cryptoslate.com
Ripple has announced a delay in the launch of its $RLUSD stablecoin due to regulatory issues with the New York State Department of Financial Services (NYDFS).
In a Dec. 4 statement on X (formerly Twitter), the platform stated:
“Despite some speculation, $RLUSD isn’t launching today. We’re in lockstep with the NYDFS on final approval and will share updates as soon as possible.”
Further, Ripple emphasized its commitment to regulatory compliance, reassuring $RLUSD would only be launched after securing the necessary approvals from NYDFS.
Fox Business journalist Eleanor Terret noted that her earlier report about the NYDFS’s nearing approval for $RLUSD was confirmed by Ripple’s post. She added that while two sources had pointed to Dec. 4 as the potential launch date, unexpected developments have led to the current delay.
New York’s stringent crypto regulations require companies serving state residents to obtain a BitLicense or a limited-purpose trust company charter from the NYDFS. According to the regulator’s website, only 33 firms have secured these licenses, including Ripple and its subsidiary Standard Custody.
Interest in $XRP’s ecosystem soars
Ripple’s delay of $RLUSD comes at a period of heightened interest in $XRP’s ecosystem.
Over the past month, the digital asset recorded a 400% price growth, pushing its value into the top three cryptocurrencies by market cap.
However, $XRP dropped by around 10% in the last 24 hours, falling to $2.2 before recovering to $2.4 as of press time. This price performance wiped out over $55 million from crypto speculators, according to Coinglass data.
Nevertheless, interest in the token and other projects within its ecosystem is at a record level. For context, data from XRPScan shows that the number of active accounts on the $XRP Ledger (XRPL) has crossed 100,000 for the first time.
Additionally, Dexscreener data shows that there has been a steady increase in decentralized exchange trading activity during the past month, thanks to the proliferation of memecoins on the blockchain network.