The post Ripple’s RLUSD stablecoin launch set for Dec 2024 – Here’s all you need to know before the launch appeared on BitcoinEthereumNews.com.

Ripple is in the process of obtaining approval for its stablecoin RLUSD in New York. This implies that the cross-border payment corporation will be permitted to participate in the regulated US crypto market. This is one of the measures it is taking to demonstrate that it is regaining trust with the US authorities. The company is planning to launch the product on December 4. If approved, as expected, Ripple will be able to legally sell its stablecoin, RLUSD, to the public. This will make it a big player in New York’s regulated digital finance market and the stablecoin ecosystem as a whole. People familiar with the situation say that the New York Department of Financial Services has told Ripple that it will accept the product.  More about the RLUSD stablecoin  The stablecoin will be issued through Standard Custody & Trust Company, a Ripple-owned entity licensed by NYDFS. RLUSD is a 1:1 US dollar-backed stablecoin introduced in June. It is 100% supported by US dollar deposits, short-term US government Treasurys, and other cash equivalents. According to reports, the RLUSD stablecoin has been in beta testing on the Ethereum mainnet and Ripple’s decentralized public blockchain platform, the XRP Ledger (XRPL), since early August. Ripple has announced its intention to gradually broaden the scope of RLUSD to encompass additional blockchains and decentralized finance (DeFi) protocols. In an X post, Justin Sun, Tron’s (TRX) founder and BitTorrent owner, has hinted at his 3.7 million followers at a potential RLUSD release on Tron (TRX). The potential integration has been met with enthusiasm by the XRP army, as both XRP and TRX have experienced significant growth in recent days. Ripple explained that it is launching RLUSD to capture a portion of the stablecoin market, which is expanding at a rapid pace and is expected to reach…

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Filed under: News - @ December 4, 2024 5:19 pm