ripplelabs Archives - Coin Engineer https://coinengineer.net/blog/tag/ripplelabs/ Btc, Coins, Pre-Sale, DeFi, NFT Sat, 30 Nov 2024 08:46:22 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png ripplelabs Archives - Coin Engineer https://coinengineer.net/blog/tag/ripplelabs/ 32 32 New York Regulator Set to Approve Ripple’s RLUSD Stablecoin https://coinengineer.net/blog/new-york-regulator-set-to-approve-ripples-rlusd-stablecoin/ https://coinengineer.net/blog/new-york-regulator-set-to-approve-ripples-rlusd-stablecoin/#respond Sat, 30 Nov 2024 10:00:57 +0000 https://coinengineer.net/blog/?p=33070 The New York Department of Financial Services (NYDFS) is expected to approve Ripple Labs’ RLUSD stablecoin in the coming days. According to a November 29 Fox Business report, approval of the dollar-pegged stablecoin by the New York financial regulator could allow for the product’s launch as early as December 4. In August, Ripple Labs made

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]]> The New York Department of Financial Services (NYDFS) is expected to approve Ripple Labs’ RLUSD stablecoin in the coming days.

According to a November 29 Fox Business report, approval of the dollar-pegged stablecoin by the New York financial regulator could allow for the product’s launch as early as December 4. In August, Ripple Labs made the following statement about the future of its ecosystem:

“There is a clear demand for stablecoins that deliver trust, stability, and utility. Once RLUSD is available, Ripple will use both RLUSD and XRP in its cross-border payments solution to serve its global customers and dramatically improve their experience.”

At the time the stablecoin was announced, XRP holders were concerned that the company would abandon the token to focus on its new stablecoin product for cross-border liquidity. However, Ripple Labs has not confirmed any such pivot.

 

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Ripple is Developing The RLUSD Stablecoin

Ripple first announced its plans to develop the RLUSD stablecoin in April 2024, aiming to compete with USD Coin and Tether.

Ripple executives forecast that the stablecoin market will reach a valuation of $2 trillion by 2028, stating that there is room for many stablecoin issuers to claim a share of the multi-trillion-dollar market.

In August, Ripple began testing the RLUSD stablecoin on the XRP Ledger and the Ethereum mainnet and announced plans to expand the stablecoin to other blockchains at an undisclosed date.

Ripple Labs also pledged to conduct regular, third-party audits of the cash and short-term cash equivalents backing the stablecoin and to provide monthly reports on the collateral reserves.

RLUSD Partnerships

In October, Ripple announced exchange partners for RLUSD, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.

At the time, Ripple co-founder and CEO Brad Garlinghouse reiterated the company’s commitment to using existing products like XRP to enhance liquidity for RLUSD and ensure faster settlement times for the stablecoin.

The company also emphasized its focus on regulatory compliance under the New York Trust Company Charter.

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