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XRP Surges 20% as Ripple’s RLUSD Stablecoin Gets Green Light from NYDFS

  • XRP jumps over 20% after Ripple’s RLUSD stablecoin receives NYDFS approval.
  • Ripple CEO Brad Garlinghouse confirms the news, hinting at an imminent launch.
  • RLUSD will debut on major exchanges like Uphold, Bitstamp, and MoonPay.
  • Investors are eagerly awaiting the official launch date for RLUSD.

The crypto community got a shot of excitement as XRP surged by over 20% following Ripple’s announcement that the New York Department of Financial Services (NYDFS) has approved its new stablecoin, RLUSD. Ripple CEO Brad Garlinghouse shared the big news on December 10 via a post on X (formerly Twitter), sparking optimism among investors.

Ripple Gets the Green Light for RLUSD

Garlinghouse’s message was brief but powerful:

“This just in… we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from @Ripple first.”

This approval didn’t come easily. Ripple had been working hard for months to get NYDFS’s nod, even acquiring Standard Custody & Trust Company, a firm already operating under an NYDFS charter. This strategic move helped push RLUSD closer to launch.

What’s Next for RLUSD?

https://twitter.com/MRKingXRP/status/1866584229267771635

Now that NYDFS has given the green light, Ripple is preparing to launch RLUSD on several major exchanges. These include:

  • Uphold
  • Bitstamp
  • CoinMENA
  • Bullish
  • MoonPay
  • Bitso
  • Independent Reserve

Ripple also plans to expand RLUSD’s availability to more platforms in the future. While there’s no official launch date yet, the buzz suggests it could go live before the end of the year.

XRP Prices Soar on the News

https://twitter.com/TheDustyBC/status/1866583803478639009

The impact on XRP was immediate. Before the announcement, XRP had dipped below $2, hitting a low of $1.91. But as soon as the news broke, XRP rallied, soaring to a daily high of $2.41 — a jump of 26.17%.

At the time of writing, XRP has settled slightly to $2.34, with trading volume up by 12.41% to $24.4 billion. This surge has put XRP on the verge of reclaiming its spot as the third-largest cryptocurrency by market cap. Currently, it’s just $6 billion away from surpassing USDT’s market cap of $138.67 billion.

Why Investors Are Excited

The RLUSD stablecoin is designed to work alongside XRP in Ripple’s payment solutions. Pegged to the U.S. dollar at a 1:1 ratio, RLUSD will be backed by solid financial assets, including short-term U.S. treasury bonds and USD deposits.

For investors, RLUSD represents a new tool that could boost XRP’s use case and drive more adoption. The fact that it’s been approved by the NYDFS — one of the strictest regulators — adds a layer of trust and credibility to the project.

Waiting for the Big Day

While the excitement is building, Ripple hasn’t announced the exact launch date for RLUSD. Garlinghouse assured investors that any official news will come directly from Ripple. For now, RLUSD is still in beta testing, which started back in August 2024.