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American blockchain payments firm Ripple Labs is close to getting final approval from the New York Department of Financial Services (NYDFS) for its RLUSD stablecoin.
According to a recent report, this approval sets the pace for the stablecoin to go live after months of testing. The stablecoin is expected to strengthen Ripple’s position in the U.S. digital market.
RLUSD to gain wider acceptance soon
Unlike XRP, which has faced regulatory issues and price fluctuations, the RLUSD stablecoin aims to keep a steady value tied to the U.S. dollar.
The stability makes it attractive to businesses and individuals who want a safe and reliable digital asset for transactions. Getting approval from the NYDFS, one of the toughest financial regulators, would strengthen RLUSD’s credibility.
Gamza KhanzadaevThis would help RLUSD gain wider acceptance and use in the financial market. Meanwhile, the potential launch date for the stablecoin is Dec. 4, 2024, but this depends on final regulatory approval.
Additionally, Ripple is collaborating with Bitstamp, Uphold and Moonpay to launch the stablecoin. These partnerships will facilitate users' adoption of the currency by leveraging the exchanges’ large user bases and expertise in digital payments.
If the NYDFS approves, the RLUSD stablecoin could transform Ripple’s role in digital finance. This would improve its competitiveness with other stablecoin providers and strengthen its position in the U.S. market.
RLUSD readiness for stablecoin world
For months, the Ripple stablecoin has been undergoing intense testing as the firm’s executives clarify what the launch means for its ecosystem. Ripple Labs remains one of the high-profile payment firms in the market and RLUSD might enhance its operations.
Yuri MolchanTesting RLUSD involves different phases, including minting, burning and transfer operations.
When it finally goes live, the goal is for the stablecoin to withstand any form of operational demand. As reported by U.Today, Ripple Labs conducted over 441,000 RLUSD transfers in one hour earlier this month while burning off almost all minted tokens this week as part of the beta testing.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya