Key Takeaways
Ripple is set to receive NYDFS approval to issue the RLUSD stablecoin through a limited purpose trust charter.
Ripple’s XRP has flipped BNB, becoming the fourth-largest cryptocurrency by market capitalization.
Ripple is set to receive approval from the New York Department of Financial Services (NYDFS) to launch its RLUSD stablecoin, allowing it to enter the US crypto market, according to aFox Business report.
The regulatory approval will enable Ripple to operate as a major player in New York’s regulated digital finance market and the broader stablecoin ecosystem.
The report indicates that the NYDFS is set to approve Ripple’s RLUSD, with the company expecting a launch on December 4.
Ripple currently operates RippleNet, a global payment network using blockchain technology to provide cross-border payment solutions for banks and businesses as an alternative to SWIFT.
While the company’s native token XRP serves as a bridge currency for transactions, it remains unregulated in the US.
XRP, currently trading at $1.75, has seen renewed momentum, flipping BNB to become the fifth-largest crypto asset by market capitalization and reaching a $100 billion market cap.
The token’s price plunged over 50% in 2020 after the SEC filed a lawsuit alleging securities law violations.
However, it recently surged following Donald Trump’s election win, driven by his promises to ease crypto regulation and position the US as the “crypto capital of the planet.”
Further gains were fueled by the announcement ofSEC Chair Gary Gensler’s departure, which XRP holders view as a positive step, anticipating a more crypto-friendly replacement under Trump.
This move positions Ripple in direct competition with established US stablecoin issuers including Circle, Paxos, and Gemini.
The stablecoin market, currentlyvalued at $190 billion, is expected to expand further under the pro-crypto Trump administration, which may pave the way for federal stablecoin regulation.
