New York’s top cryptocurrency regulator is nearing approval for a new stablecoin issued by cross-border payments company Ripple, FOX Business has learned.
New York’s top crypto regulator is close to greenlighting a new stablecoin issued by cross-border payments company Ripple, XRP
11/30/2024
Sources familiar with the situation say the New York Department of Financial Services (NYDFS) has signaled its intention to approve the product. Ripple is targeting a potential launch date of December 4 for the stablecoin, called RLUSD. If the approval proceeds as expected, Ripple will be authorized to publicly offer RLUSD, solidifying its position as a significant player in New York’s regulated digital finance market and the broader stablecoin ecosystem.
Representatives for Ripple and NYDFS declined to comment.
Ripple’s primary business revolves around RippleNet, its decentralized global payments network that leverages blockchain technology to facilitate faster, cheaper, and more efficient cross-border transactions for banks and businesses. RippleNet is presented as a modern alternative to SWIFT, the traditional global bank settlement system. Ripple’s native cryptocurrency, XRP, serves as a bridge asset to settle transactions on the network. However, XRP’s regulatory status remains uncertain as the U.S. Securities and Exchange Commission (SEC) continues to assert in court that it is an unregistered security.
The case, currently in the appeals phase in the Second Circuit, could potentially be dropped by the incoming Trump administration, which has signaled a more crypto-friendly stance. Until then, XRP’s future remains in flux, resulting in volatile price movements.
XRP AND THE SEC LAWSUIT
In 2020, XRP’s value plummeted over 50%, and its market capitalization shed $16 billion after the SEC filed a lawsuit against Ripple, alleging it violated securities laws by selling XRP without proper registration. XRP’s price has mostly stayed below $1 during the nearly four-year legal battle.
Following Donald Trump’s re-election on November 5, XRP experienced a significant surge, fueled by investor optimism that his administration will relax cryptocurrency regulations and position the U.S. as a global leader in the crypto industry.
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