Ripple’s RLUSD Stablecoin has received NYDFS certification

Ripple News Today: After months of speculation, Ripple's US dollar-backed stablecoin, RLUSD, has received final regulatory approval from the New York Department of Financial Services (NYDFS). This milestone is a huge achievement for Ripple. The announcement shared by Ripple CEO Brad Garlinghouse on X led to a 10% spike in XRP, Ripple's native token. The approval paves the way for RLUSD to operate on exchanges and partner platforms, marking Ripple's expansion into the stablecoin market.

RLUSD: Ripple's Big Bet on Stablecoins

RLUSD is currently in beta testing on the Ethereum network and the XRP Ledger (XRPL), with a distribution offering of $52 million. This stablecoin is tied to short-term US government bonds and aims to hit the fast-growing Storicoin market, which is currently dominated by Tether (USDT) and Circle (USDC). Ripple's entry into this market is part of its strategy to become a leader in institutional payments and real-world asset tokens.

Stablecoins current market place

The stable coin market, which is close to 200 billion dollars, is expected to grow significantly in the coming years. RLUSD plans to expand its role in global payments as Ripple provides a bridge for traditional financial assets to operate on blockchain networks. The process of converting physical assets into digital tokens for faster and more efficient transactions, is a key focus for Ripple. RLUSD is positioned as a major player in this trend.

Will XRP send price to ATH?

Vincent van Coed, crypto expert breaks down the noise surrounding Ripple's RLUSD and XRP in simple terms. While XRP's recent jump from $1.90 to $2.35 is interesting, he noted, it's mostly based on speculation and not real-world usage. The real game changer comes when Ripple sets up Automated Market Makers (AMMs) and Liquid Pools (LPs) that offer up to 5% annual returns on-chain without any associated risk.

This explains how serious money will be attracted to XRPL, with exchanges getting in on the action by offering RLUSD staking. This will lock in more XRP, increasing demand. Additionally, users can start exchanging USDT for RLUSD and move these funds to self-hosted wallets. From there, you can use RLUSD to buy XRP or invest in LP tokens for better returns—creating a feedback loop that further increases demand for XRP.

In short, this is not just about today's price pump; It is to set the stage for further development. Van Code RLUSD predicts XRP demand could double and shake up the market by February 2025.

However, the current situation is shocking, the crypto market is taking a big hit, XRP is down 12% to $2.07. This sharp decline reflects a tough day for many cryptocurrencies as prices plummet across the board. Despite the recent good news for Ripple, like the approval of the stablecoin, the market's volatility shows no signs of abating.