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Ripple’s stablecoin $RLUSD has been approved by the New York Department of Financial Services (NYDFS) and will soon go live.
This just in…we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when $RLUSD is live, you’ll hear it from @Ripple first.
— Brad Garlinghouse (@bgarlinghouse) December 10, 2024
Ripple $RLUSD Approved, to Go Live Soon!
Brad Garlinghouse, CEO of Ripple Labs, took to X to share the news: “This just in…we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when $RLUSD is live, you’ll hear it from @Ripple first.”
Ripple, which has earned the reputation of being a ‘cross-border business payment system,’ has been seeing growing demand for $RLUSD, which, in turn, increases the utilization of $XRP as a settlement layer.
By providing institutions with seamless access to liquidity via the $XRP Ledger (XRPL), it simplifies cross-border payments and settlements. This enhances the appeal of Ripple’s solutions, allowing financial institutions to use a stable, predictable value medium.
$RLUSD is expected to provide efficient liquidity management, wherein institutions can source liquidity instantly, reducing reliance on pre-funded nostro accounts. $RLUSD is also aimed at minimizing volatility concerns, making it a viable payment alternative for businesses and institutions. In August, $RLUSD was under beta testing on Ripple’s decentralized public blockchain, the Ethereum mainnet, and the $XRP Ledger, and the official announcement of $RLUSD was first made public in November.
$RLUSD Leads to Ripple ($XRP) Bullish Momentum!
Soon after the announcement, Ripple ($XRP) saw a surge in its market price. At the time of writing, it is quoted at $2.34, after a rise of 4.15%. Its market cap, too, has gone up by 3.48% to $132.86 billion.
$XRP’s 24-hour market volume has witnessed growth, increasing by 34.03% to $26.31 billion. The Relative Strength Index (RSI) of 62.4619 depicts the neutral zone but leans towards the higher end, implying moderately strong upward momentum.