Ripple Eyes December 4 Launch for Groundbreaking Stablecoin in New York
Ripple, the blockchain payments company, is preparing to launch its new stablecoin RLUSD on December 4, pending approval from the New York Department of Financial Services (NYDFS). This move marks Ripple's entry into the $190 billion stablecoin market alongside established players like Circle, Paxos, and Gemini.
The launch comes at a pivotal time for Ripple, whose native token XRP has faced regulatory challenges. Currently trading at $2.56, XRP ranks as the fifth-largest cryptocurrency with a market cap exceeding $146 billion. The introduction of RLUSD offers a stable alternative for cross-border payments, free from the price volatility associated with cryptocurrencies.
Ripple's strategic acquisition of Standard Custody & Trust Company in June has accelerated its path to launching RLUSD. Standard Custody, already licensed by NYDFS for digital asset services, will serve as the stablecoin issuer once regulatory approval is secured.
The company has assembled a strong network of launch partners, including Bitstamp, MoonPay, and Uphold. Keith Grossman, MoonPay's President of Enterprise, expressed enthusiasm about the launch, highlighting the benefits of having another regulated player in the global stablecoin marketplace.
RLUSD represents a natural evolution for RippleNet, the company's blockchain-powered payment network that competes with traditional banking systems like SWIFT. The stablecoin will offer businesses and individuals a reliable digital currency solution for international transactions, backed by the stringent regulatory oversight of New York state.
The launch positions Ripple at the forefront of regulated digital finance, potentially reshaping the landscape of cross-border payments while operating within established regulatory frameworks. This development could mark a new chapter in the mainstream adoption of blockchain-powered financial services.