Ripple Labs Nears
New York Approval
For Stablecoin
Launch In US Crypto Market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
Ripple Labs Nears New York Approval For Stablecoin Launch In US Crypto Market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
by Ronaldo Marquez
9 hours ago
in Ripple
0
Ripple Labs is on the verge of receiving approval from New York’s top crypto
regulator for its new stablecoin, RLUSD. According to a Fox Business• Экономика » Бизнес report ,
the New York Department of Financial Services• Экономика » Финансы » Финансовые услуги
• Сфера услуг » Финансовые услуги (NYDFS) is expected to
greenlight the stablecoin, with a potential launch date set for December 4.
Ripple Set To Launch RLUSD Stablecoin
If approved, Ripple will legally be able to offer RLUSD to the public,
solidifying its position as a major player in New York’s regulated digital
finance market and expanding its footprint to the broader stablecoin
ecosystem.
However, both Ripple Labs and the regulator have yet to comment on the matter
or provide any official communication to further corroborate the information
gathered by Fox s sources.
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In Crypto As IT Workers
Ripple s primary business• Экономика » Бизнес revolves around its decentralized global
payments network, RippleNet, which leverages blockchain technology to
facilitate faster, cheaper, and more efficient cross-border transactions for
banks and businesses.
This approach serves as an alternative to the traditional global bank
settlement system, SWIFT. Ripple s native token, XRP, acts as a bridge
currency for settlement, although its status remains uncertain due to ongoing
legal challenges with the US Securities and Exchange Commission (SEC).
The SEC has argued that XRP should be classified as an “unregistered
security,” a claim Ripple contests in an appeals case currently before the
Second Circuit.
The legal battle has had significant implications for XRP s market
performance. Following the SEC s lawsuit in late 2020, XRP s price
plummeted over 50%, resulting in a market cap loss of approximately $16
billion. Since then, XRP has fluctuated, often remaining below the $1 mark as
Ripple navigates its legal challenges.
However, recent developments, including Donald Trump’s election victory on
November 5, ant the official departure announcement by the SEC chair Gary
Gensler, have spurred optimism among investors, boosting XRP s price to
$1.89 and positioning it as the fifth largest cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта by market cap,
exceeding $107 billion.
Competing With Established Stablecoins
By entering the stablecoin market with RLUSD, Ripple aims to provide a stable
alternative for customers seeking to utilize digital currencies without the
volatility associated with XRP .
To operate within this regulatory framework, the firm is expected to obtain a
limited purpose trust charter, allowing it to offer specific digital
asset-related services without the complexities associated with traditional
banking regulations.
Additionally, the NYDFS offers a BitLicense, which enables exchanges such as
Coinbase and Robinhood to provide trading and custody services for
cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта .
Related Reading: Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum Foundation Invests ‘Tens Of Millions’ Into This New
Technology
Ripple s entry into the stablecoin sector comes at a time when other
firms, including Paxos and Gemini, have already secured approval to offer
their stablecoins, PAX and GUSD, respectively.
Keith Grossman, president of Enterprise at MoonPay, expressed enthusiasm for
the new entry into the stablecoin market, highlighting the importance of
“well-capitalized, highly regulated players” in the evolving global financial
landscape. The daily chart shows XRP s price trending upwards. Source:
XRPUSDT on TradingView.com
Featured image from DALL-E, chart from TradingView.com