RLUSD Ripple Stablecoin Given Green Light By New York Treasury Department

JAKARTA - Ripple Labs, the developer of the XRP cryptocurrency, is preparing for the launch of its newest stablecoin, RLUSD, in the hope of obtaining approval from New York's main regulator, the Department of New York State Financial Services (NYDFS). According to a Fox Business report, a source with knowledge of this said that NYDFS plans to provide a green light for the launch of this stablecoin prior to the launch date of its planned December 4.

This news immediately raised the price of XRP, which in recent days recorded a surge of almost 30%, from 1.45 US dollars (Rp22,910) on November 28 to US$1.88 (Rp29,704). Then on December 2, XRP jumped again to the level of Rp38,700 per coin. The recent increase in XRP prices has triggered the market against the planned launch of RLUSD stablecoins which Ripple will release.

For additional information, RLUSD stablecoins are designed to provide higher price stability and have stolen the attention of major platforms, such as Bitstamp and MoonPay, which have entered into partnerships with Ripple to support this product.

Keith Grossman, President MoonPay, stated that Ripple's presence as a well-regulated player in the global stablecoin market is a positive step, especially with the implementation of MiCA (Markets in Crypto Assets) regulations which will soon take effect in Europe.

However, Ripple Labs' journey to issue RLUSD has not been completely smooth. The company has been caught in a legal case with the United States Securities and Exchange Commission (SEC) since 2020, over allegations of unregistered securities sale. Although the court ruled that XRP's sales to retail investors were not included in the securities category, regulators are still closely monitoring Ripple's activities.

Most recently, in May 2024, the SEC categorized RLUSD as a "disregistered crypto asset". If approval from the NYDFS is realized, RLUSD will be the first stablecoin released by Ripple and potentially strengthens the company's position in the stablecoin market.

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