Ripple’s RLUSD Stablecoin Gets NYDFS Approval | Airdrop Alert Pro

Today’s Ripple News: After months of speculation, Ripple’s USD-backed stablecoin RLUSD has received final approval from regulators New York Department of Financial Services (NYDFS). This milestone marks a major achievement for Ripple. The news, shared by Ripple CEO Brad Garlinghouse on X, triggered a 10% rise in Ripple’s native token, XRP. This approval paves the way for RLUSD to be listed 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 circulating supply of $52 million. The stablecoin is pegged to short-term U.S. government bonds and aims to tap into the fast-growing stablecoin 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 tokenization of real-world assets.

Stablecoin’s current market position

The nearly $200 billion stablecoin market is expected to grow exponentially in the coming years. Ripple plans to use RLUSD to expand its role in global payments while providing a bridge for traditional financial assets to operate on the blockchain network. Tokenization, the process of converting physical assets into digital tokens to enable faster and more efficient transactions, is a key focus of Ripple. RLUSD is positioned as a major player in this trend.

Will it send XRP price to ATH?

Cryptocurrency expert Vincent Van Code briefly explains the discussion about Ripple’s RLUSD and XRP. he tip pointed out that while XRP’s recent rise from $1.90 to $2.35 is exciting, it has been driven primarily by speculation rather than real-world use. The real game-changer will come when Ripple builds automated market makers (AMMs) and liquidity pools (LPs), offering up to 5% annual returns on-chain without any counterparty risk.

He explained how this attracted large amounts of money into XRPL, with exchanges getting in on the action by offering RLUSD collateral. This will lock more XRP, driving up demand. Additionally, users can start exchanging USDT for RLUSD and transfer these funds to their self-serve wallets. From there, they can use RLUSD to buy XRP or invest in LP tokens for better returns – creating a feedback loop that further increases XRP demand.

In short, it’s not just about today’s price increases; This is to lay the foundation for continued growth. Van Code predicts that RLUSD could double XRP demand by February 2025 and could shake up the market.

However, the current situation is quite worrying and the cryptocurrency market is taking a beating, with XRP falling 12% to $2.07. This sharp drop reflects a rough day for many cryptocurrencies as prices plummet across the board. Despite recent good news for Ripple, such as the approval of its stablecoin, market volatility shows no signs of slowing down.