XRP Soars 6% as RLUSD Stablecoin Receives Regulatory Approval

XRP has surged more than 6% in the past 24 hours after Ripple CEO Brad Garlinghouse announced that his company’s RLUSD stablecoin received regulatory approval from the New York State Department of Financial Services (NYDFS).

“This time… We have received final approval for RLUSD from NYDFS! The list of exchanges and partners will be released soon,” Garlinghouse told X on December 10. mail.

XRP surpasses Bitcoin and Ethereum

The recent gains have seen XRP outperform cryptocurrency market leaders Bitcoin (BTC) and Ethereum (ETH) over the past 24 hours. Major cryptocurrency BTC saw a slight increase in price over the same period, while ETH lost more than 2% in price.

XRP It fell to an intraday low of $1.91 before reaching a 24-hour high of $2.41. It then fell slightly to trade at $2.30 as of 2:55 a.m. ET. The gains posted throughout the last trading day added to the cryptocurrency’s monthly positive streak. As a result, the cryptocurrency is up more than 299% in the last 30 days.

RLUSD could reach a market capitalization of $2 trillion by 2028.

Ripple announced plans to launch its own stablecoin in April to compete with Tether (USDT) and Circle (USDC). Company executives predicted that RLUSD could reach $2 trillion in capitalization by 2028, which is higher than BTC’s current valuation of just over $1.93 trillion.

RLUSD Additionally, like USDT and USDC, it is pegged 1:1 to the US dollar. Ripple said in April that its reserves would consist of USD deposits, short-term US Treasury bonds and “other cash equivalents.”

Test, test… RLUSD! We are excited to share that Ripple USD (RLUSD) is now in private beta on the XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and cannot be purchased or traded. Beware of scammers…

— Ripple (@Ripple) August 9, 2024

In August, the company began testing the RLUSD stablecoin on the XRP ledger and Ethereum mainnet. Ripple has since announced partnerships with exchanges including Bitstamp, Uphold, Bitso, Independent Reserve, Moonpay, CoinMENA, and Bullish.

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