A newer version of this article is available. Read the latest version
7 posts • ChatGPT (GPT-4o mini)
Updated
Ripple has announced that its USD-pegged stablecoin, $RLUSD, will not launch today as it awaits final approval from the New York Department of Financial Services (NYDFS). The company emphasized its commitment to regulatory compliance and maintaining the highest standards throughout the process. Initially announced in June, $RLUSD is designed to be fully backed by USD at a 1:1 ratio and has already undergone testing on the XRP Ledger and Ethereum. The delay comes amid a broader market context where Ripple's native cryptocurrency, XRP, has experienced significant volatility, dropping 12% from $2.59 to $2.31, and facing challenges in maintaining its market position against competitors like Tether. Analysts have noted that the stablecoin aims to redefine compliance and transparency in the sector, with Ripple actively working to secure the necessary approvals to proceed with its launch.