Ripple Stablecoin RLUSD Set to Launch on December 4 With New York Approval

Key Points:

• Ripple is set to launch its overcollateralized, dollar-pegged stablecoin RLUSD on December 4, 2024, pending approval from the NYDFS.
• Ripple stablecoin RLUSD will compete with established U.S. stablecoins like USDC and PAX.

Ripple Labs will reportedly go live with its dollar-pegged stablecoin, RLUSD, on December 4, 2024, subject to final approval from the New York Department of Financial Services.

Read more: Cross-border Solution Ripple Stablecoin RLUSD Is Set to Launch Later This Year 

Ripple Stablecoin RLUSD To Go Live In New York

According to a Fox Business report, Ripple is ready to launch the stablecoin after making all the necessary preparations, pending regulatory greenlight to offer the sta3blecoin to both individuals and institutions in New York State.

Ripple stablecoin RLUSD is planned to act as a reliable digital alternative to traditional currencies. Unlike cryptocurrencies like XRP or Bitcoin, known for their volatility, stablecoins like RLUSD are pegged to real-world assets and hence offer much more stability.

The new offering from Ripple will be a whole new competition with mature players like Circle’s USDC, Paxos’ PAX, and Gemini’s GUSD – all licensed for their operations in New York.

To satisfy NYDFS’s strict requirements, Ripple will have to secure a trust charter. This license would make sure that Ripple stablecoin RLUSD meets the strict standards for transparency, security, and consumer protection.

Inclusive Finance through Blockchain Innovation

The introduction of Ripple stablecoin RLUSD also aligns with the company’s continuous efforts to advance blockchain-based financial solutions. Currently, RippleNet is a payment network that is available for banks and businesses to perform efficient cross-border transactions, an alternative to old systems such as SWIFT. Although XRP is Ripple’s native token, it still remains unregulated in the U.S.

Ripple stablecoin RLUSD is scheduled to launch just as the global market for stablecoins, already valued at $190 billion, grows rapidly. XRP, which is rising to climb to the fifth place among leading cryptocurrencies by market capitalization, aims to further cement its position in this new landscape.