Garlinghouse: NYDFS Regulator Approves Ripple’s RLUSD Stablecoin for Launch
- Ripple CEO Brad Garlinghouse says the NYDFS has approved the launch of Ripple’s stablecoin RLUSD.
- XRP price jumps 9%, as Ripple predicts RLUSD could hit a US$2 trillion market cap by 2028.
- Changes in SEC leadership and pending ETF approvals signal a bullish future for XRP and crypto regulations.
Ripple’s stablecoin ambitions have just become a reality, as CEO Brad Garlinghouse said on X that regulators have approved the project. According to the post from 11 December, Australian Time, the New York Department of Financial Services (NYDFS) has given the go-ahead for the launch.
CEO Garlinghouse announces NYDFS approval of RLUSD, Source: X
The CEO said exchange and partner listing would be live soon, reminding everyone that only official Ripple channels should be relied upon as source for when RLUSD will be live – scammers notoriously impersonate Garlinghouse and Ripple for fake giveaways and other scams.
Related: Aussie Analyst Says Recurring Bitcoin Pattern Signals Potential Price Explosion
Technician and educator Krippenreiter wrote on X that the increased volume, which is expected to come with the launch, will also likely attract bad guys, warning traders and investors to “be careful at all times”.
Advertisement
RLUSD Could Reach More Than Half of Today’s Total Crypto Market Cap, Says Ripple
The price of XRP reacted positively to the news, surging 9% over the past 24 hours, while the overall market remains generally flat or in the red. XRP reached US$2.36 (AU$3.70) at the time of writing, after it had lost 30% of its gains made in the rally over the past month.
XRP weekly chart, source: CoinMarketCap
According to earlier statements, Ripple estimates their stablecoin could reach a market cap of up to US$2 trillion (AU$3.1 trillion) by 2028.
For comparison, the total crypto market cap is currently at US$3.44 trillion (AU$5.4 trillion) according to CoinMarketCap data. The largest stablecoin, Tether USDT has a market cap of US$138 billion (AU$216.4 billion).
XRP has been going strong thanks to positive developments around the leadership of the US Securities and Exchange Commission (SEC), which includes Gary Gensler stepping down and likely being replaced by pro-crypto Paul Atkins.
Several Spot XRP ETFs Pending Approval
It’s generally expected that the lawsuit against Ripple will come to an end under a pro-crypto leadership at the SEC.
President-elect Donald Trump also tapped David Sacks as the first “White House A.I. and Crypto Czar” in a bullish move for the industry.
There are also several Spot XRP exchange-traded funds (ETFs) pending approval, including from Canary Capital, Bitwise, WisdomTree and 21Shares.
Related: Hard Drop in Australian Blockchain Firms’ Revealed by KPMG Report
A change in SEC leadership is also likely to bring about positive developments for these applications.
Stablecoins are becoming increasingly popular, with USDT recently gaining recognition in Abu Dhabi.
According to a statement, the Financial Services Regulatory Authority (FSRA) has given Tether the status as an Accepted Virtual Asset (AVA) which lets licensed entities offer products involving USDT under the regulatory framework of the Abu Dhabi Global Market (ADGM).
