The post Ripple CEO Announces Approval For RLUSD Stablecoin By New York Regulators appeared on BitcoinEthereumNews.com.

On Tuesday, Ripple CEO Brad Garlinghouse revealed that the New York State Department of Financial Services (NYSDFS) has granted final approval for the firm’s inaugural stablecoin, RLUSD. Ripple Set To Enter Stablecoin Market  With the release of RLUSD, Ripple hopes to provide a reliable option for clients interested in digital currencies while limiting the volatility associated with its flagship asset, XRP. The certification is a strategic move for Ripple, which strives to broaden its offerings and provide customers with a dependable digital currency choice. To operate efficiently in New York’s regulatory climate, Ripple is likely to obtain a limited purpose trust charter. This charter will allow the organization to provide certain digital asset-related services without the complications associated with standard banking laws.  In addition, the NYDFS issues a BitLicense, allowing exchanges such as Coinbase and Robinhood to provide cryptocurrency trading and custody services. Ripple’s entry into the stablecoin market comes as other companies, such as Paxos and Gemini, have already secured regulatory approval for their stablecoins, PAX and GUSD, respectively. Keith Grossman, president of Enterprise at MoonPay, expressed confidence about Ripple’s entry into the market, underlining the importance of “well-capitalized, highly regulated players” in the changing global financial scene. Garlinghouse further stated that exchange and partner listings for the new stablecoin will be released soon, and that the public will be notified directly by Ripple when RLUSD goes online. Garlinghouse Calls For Clear Crypto Regulations Garlinghouse’s announcement comes after his recent appearance on CBS’s “60 Minutes,” where he argued for clearer regulatory restrictions in the crypto industry. The executive emphasized the significance of having “clear rules of the road” to maintain the United States’ leadership in the cryptocurrency area and prevent the industry from migrating to jurisdictions with weaker protections. “We’ve asked to be regulated. “Just give us clear rules…

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Filed under: News - @ December 11, 2024 6:23 am