The post Ripple Sets Record Straight on RLUSD Launch Date appeared on BitcoinEthereumNews.com.

RLUSD stablecoin is not launching yet as NYDFS approval has not been confirmed. Ripple Labs has made progress toward securing approval through consistent RLUSD testing. Crypto payments firm Ripple Labs has issued an official statement regarding the launch date of its RLUSD stablecoin. Numerous reports claimed Ripple ought to launch the highly anticipated RLUSD on Wednesday, December 4, 2024. Ripple Not Yet Launching RLUSD Stablecoin In an X post, Ripple refuted the ongoing speculations, stating that it has not yet gotten final regulatory approval. However, Ripple disclosed that it is in discussion with the New York Department of Financial Services (NYDFS) to get that done.  Upon receiving the final approval from NYDFS, Ripple will launch the RLUSD for the public. The company’s decision emphasizes its commitment to upholding the highest regulatory standards in the stablecoin ecosystem, positioning the firm as a key participant in the broader stablecoin ecosystem and New York’s regulated digital finance market. The NYDFS is renowned for its strict stance on crypto regulation. The agency ensures that companies intending to offer digital assets within its jurisdiction meet high regulatory standards. These include, but are not limited to, fulfilling transparency, security, and consumer protection requirements. Ripple must secure a limited-purpose trust charter from the NYDFS to offer RLUSD in New York. This approval would eliminate the more complex regulatory requirements of a traditional bank. Notably, Ripple’s latest statement comes shortly after Fox Business reporter Eleanor Terrett claimed the RLUSD stablecoin would launch on December 4. In a report, Terrett cited people familiar with the matter who said the NYDFS signaled intentions to approve the RLUSD launch. Following Ripple’s official statement, Terrett said the post affirms her previous reporting that the NYDFS is ready to approve RLUSD for launch. According to her, some unforeseen developments pushed the timeline for…

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Filed under: News - @ December 6, 2024 10:20 am