Ripple is preparing to launch its stablecoin, RLUSD, pending final regulatory approval. The company clarified: “We’re in lockstep with the NYDFS on final approval.”
Ripple's Stablecoin Near Launch: Final Regulatory Nod Expected Soon
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Ripple Prepares for Stablecoin Takeoff
Ripple has clarified that its RLUSD stablecoin is awaiting final approval from the New York State Department of Financial Services (NYDFS), a necessary step before its launch. The company shared on social media platform X Wednesday:
Despite some speculation, RLUSD isn’t launching today. We’re in lockstep with the NYDFS on final approval and will share updates as soon as possible.
“We are fully committed to launching under the supervision of NYDFS and upholding the highest regulatory standards. Stay tuned for updates!” Ripple added. The company emphasized its collaboration with the New York State Department of Financial Services to secure final regulatory approval before proceeding with the rollout, highlighting its focus on compliance and transparency.
The RLUSD launch, originally anticipated around Dec. 4, has sparked notable interest. The stablecoin is set to debut on the XRP Ledger and Ethereum blockchains, with plans for expansion to other platforms. Designed to meet strict regulatory standards, RLUSD offers a transparent and secure alternative to the XRP token, which remains tied up in legal challenges with the U.S. Securities and Exchange Commission (SEC).
Ripple’s partnerships with Moonpay and Bitstamp highlight its strategic approach to RLUSD’s introduction. Keith Grossman of Moonpay has called the launch a “win-win” for the global stablecoin ecosystem. Ripple remains optimistic about securing the necessary approvals to enter New York’s tightly regulated cryptocurrency market, reinforcing its reputation for prioritizing compliance and consumer protection.
Meanwhile, bullish sentiment is rising around the SEC shakeup as President-elect Donald Trump nominates Paul Atkins to succeed Gary Gensler as SEC Chair. Gensler, known for his aggressive enforcement actions, particularly in the cryptocurrency sector, is set to step down in January 2025. Atkins, a former SEC commissioner with a reputation for supporting free-market policies and fostering innovation, is expected to bring a more lenient regulatory approach, especially toward digital assets. This potential pivot has been warmly received by the crypto industry, which anticipates a regulatory environment that encourages growth while reducing compliance burdens. The transition marks a significant moment, with broad implications for financial markets and the future of U.S. regulatory policy.
