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- Ripple Labs’ RLUSD stablecoin receives NYDFS approval.
- RLUSD is pegged to the US dollar and targets institutional investors.
- XRP price surged following the RLUSD announcement.
Ripple Labs CEO Brad Garlinghouse just announced on Twitter that the New York Department of Financial Services, NYDFS, just granted its final approval for the offering of the new stablecoin $RLUSD.
Similar to USDC and USDT— Ripple Labs’ new stablecoin will be a digital currency pegged to the U.S. Dollar in a 1:1 ratio. Furthermore, the offering of the new coin will look to expand the company’s reach among institutional investors, broadening even deeper its cross-border payment solution that up until now relied solely on XRP.
RLUSD has been in testing mode on XRP Ledger and Ethereum-based networks since the start of the year. Once in the market, Ripple’s new currency will face challenging competition as it will stand against the stablecoin industry’s giants, Tether, and Circle’s USDC.
XRP Up 6.4% Following RLUSD Announcement
The NYDFS approval for the offering of $RLUSD has shaken the XRP market as well. Over the past 3 days, $XRP has been facing a significant retraction, losing over 26% in value in its most relevant price correction since the 400% surge seen in 2024’s Q4.
However, today the asset went back to the winning column. XRP began the day trading around $2.21 per coin. Only moments after the RLUSD announcement the asset jumped up in price, reaching the currency value of $2.32.
This bullish reversal was able to recover some of XRP losses seen on the previous days. While the asset is still down by 7% on the weekly charts, the broader monthly timeframe still reveals a comfortable bullish trend with 292% yields in a 30-day period.
