Ripple Labs, the firm behind-developed and promoted cryptocurrency XRP, has drawn an NYFS greenlight for its stablecoin RLUSD. Ripple CEO Brad Garlinghouse announced this in a post via X, which was formerly known as Twitter.
With this approval from NYDFS, we could see an launch of RLUSDas early as this month! This is good news for Ripple, particularly after its recent legal fight against the SEC. XRP now ranks as the fifth-largest cryptocurrency by market cap and has soared during the past several months.
The launch of RLUSD is likely to drive the price of XRP even higher. XRP is currently trading at $2.255, up 7% in the last hour. As we approach the holiday season, it appears like investors are bullish on XRP and the world beyond.
Besides how RLUSD has reacted positively, Ripple has also achieved a lot elsewhere. The firm is gaining traction in BRICS countries, such as India and Russia. >> Russian Government Passes Bill Recognizing Cryptocurrencies Like XRP, Imposing Clear Taxes Another notable collaboration with Ripple is the Reserve Bank of India and the virtual Rupee initiative.
Although the official launch date of RLUSD was not provided, the New York Department of Financial Services (NYDFS) greenlit sign available for the stablecoin suggests it will be launched in the near future. Ripple has secured a major victory that could positively influence the wider crypto market.
