XRP Rallies 10% as Ripple's Stablecoin Gets Regulatory Approval, CEO Garlinghouse Says

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Bitget Academy2024/12/11 04:44

By:Bitget Academy

XRP, the native token of the XRP Ledger (XRPL) network, surged during the U.S. afternoon hours on Tuesday as Ripple CEO Brad Garlinghouse said the company's much-anticipated stablecoin obtained regulatory approval from the New York Department of Financial Services. "This just in…we have final approval from NYDFS for RLUSD! Exchange and partner listings will be live soon," Garlinghouse posted on X.

XRP rallied 10% following Garlinghouse's announcement in a broader crypto market bounce, erasing today's losses. The token was up 6.8% over the past 24 hours, outperforming bitcoin (BTC) and the broad market. The XRPL network was developed by engineers who later established Ripple, and the company has long been associated with products and services using the token.

Ripple laid out its plans in April to enter the quickly growing stablecoin market with its heavily regulated, short-term U.S. government bond-backed cryptocurrency. Stablecoins are a key piece of infrastructure in the crypto economy, and increasingly used for global payments, which is one of Ripple's business focuses. The two largest issuers, Tether (USDT) and Circle (USDC), currently dominate the almost $200 billion stablecoin market. The sector, however, is forecasted to grow to trillions of dollars over the next few years, and Ripple is vying for a piece of that.

RLUSD is in beta testing on the XRP Ledger and Ethereum networks. Ripple's Long said earlier that the token has been "operationally ready," only awaiting approval from regulators for the token's public launch.

Source: CoinDesk

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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