XRPStable Coin RLUSD has been approved by the New York State Department of Financial Services. Can it become a new driving force for XRP's surge?

Stable Coin RLUSD launched by Ripple has been approved by the New York State Department of Financial Services, and the market has reacted with a significant increase in XRP prices. (Recap: After XRP became the third largest cryptocurrency, is it worth following altcoin season?) (Background: Cyber Capital founder: XRP is not a cryptocurrency, it is highly centralized and controlled by the XRP Foundation.) Today (11th), XRP (Ripple) CEO Brad Garlinghouse announced on Twitter: 'We have obtained final approval from the New York State Department of Financial Services (NYDFS) for Stable Coin RLUSD. The listing information of exchanges and partners will be announced soon- just a reminder: when RLUSD is officially launched, Ripple will be the first to release such 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. - Brad Garlinghouse (@bgarlinghouse) December 10, 2024 What is RLUSD? Ripple first disclosed its Stable Coin plan in April and began testing with corporate partners in early August. It plans to deploy it first on Ripple's XRP Ledger and the Ethereum blockchain, following the ERC-20 standard of Ethereum. However, the XRP Ledger network is currently not mature, which may raise questions about its actual application and inhibit market willingness to use it. The Stable Coin will be '100% backed by US dollar deposits, short-term US Treasury bonds, and other cash equivalents,' but it is still unknown how it will compete with Tether's USDT, Circle's USDC, and other competitors. It is worth noting that after the release of new projects, subsidies are often provided to attract users. For example, PayPal's Stable Coin PYUSD grew more than twice in scale in the past few months, which is largely due to the generous subsidies from cooperation with major DeFi protocols on Solana. Therefore, whether Ripple will adopt the same policy in the future and whether users can benefit from it remains to be seen. After the news of XRP's significant price fluctuation, the price of Ripple's token XRP quickly rose. The price soared from $2.06 at the time of the news release to a daily high of $2.39. The price has slightly retreated but still remains stable at $2.2 before the deadline. Related reports: After XRP became the third largest cryptocurrency, is it worth following altcoin season? Cyber Capital founder: XRP is not a cryptocurrency, it is highly centralized and controlled by the XRP Foundation. South Korea's largest encryption venture capital: XRP relies on a Ponzi scheme to sell XRP to local housewives. This article 'Stable Coin RLUSD approved by the New York State Department of Financial Services, can it become a new driving force for XRP's surge?' was first published on BlockTempo, the most influential blockchain news media in the dynamic area.