XRP responded to rise 10%! Ripple's stablecoin RLUSD officially obtained regulatory approval

Ripple CEO Brad Garlinghouse announced today that the company's stablecoin RLUSD has officially been approved by the New York Department of Financial Services (NYDFS) for regulatory oversight. The news immediately caused a market uproar, driving the price of Ripple coin (XRP) to soar.

Brad Garlinghouse just posted on the community platform X: "Breaking news! RLUSD has officially obtained approval from NYDFS! It will soon be listed on the exchange and partner platforms."

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

Affected by positive news, the price of XRP rose by 10%, not only recovering the daily decline, but also performing well in the overall cryptocurrency market. As of the time of writing, the rise of XRP has narrowed to about 2%, reaching $2.25.

As the native token of the XRP Ledger network, XRP has been closely associated with Ripple since its inception, and Ripple has been committed to creating innovative payment solutions for global Financial Institutions.

Expanding the Cryptocurrency Landscape! Ripple Joins the Stablecoin Battle

Ripple announced as early as April this year that it will enter the rapidly rising stablecoin market, launching the stablecoin RLUSD supported by short-term US Treasuries.

In recent years, Stable Coin has become an important infrastructure of the encryption economy, and its application in the global payment field is becoming more and more widespread. Currently, the market size of Stable Coin is close to 2 billion dollars, dominated by the two giants, USDT and USDC.

Market analysis predicts that in the coming years, the scale of Stablecoin may soar to trillions of dollars, and Ripple is actively laying out to compete for a place.

Ripple President Monica Long previously stated in an interview that the goal of RLUSD is to fully leverage Ripple's existing advantages in institutional payment services and become a key driver of physical asset tokenization. Asset tokenization is currently one of the hottest trends in the cryptocurrency field, aiming to digitize and transfer TradFi tools onto the blockchain to improve transaction efficiency and transparency.

RLUSD is currently in the testing phase and is being synchronized on the XRP Ledger and the Ethereum network. Monica Long has revealed that RLUSD is technically ready and will be officially launched once regulatory approval is obtained.

According to the data from the blockchain analysis company CryptoQuant, the Circulating Supply of RLUSD on the Ether network is 41.7 million, while the issuance on the XRP Ledger is 10.4 million.

XRP surged 10%! Ripple's Stable Coin RLUSD officially obtained regulatory approval. This article was first published in "Blocklike".