Ripple has taken a major leap in the stablecoin market with the approval of RLUSD by the New York Department of Financial Services (NYDFS), CEO Brad Garlinghouse announced Tuesday.
And the effect was fast and furious. XRP jumped nearly 7% after the announcement despite on-chain data showing a huge supply pool flooding the Binance exchange.
As one of the strictest regulators in the cryptocurrency space, NYDFS’s green light underscores Ripple’s compliance with high standards of transparency, security, and consumer protection. RLUSD, designed to maintain a 1:1 peg to the U.S. dollar, is expected to launch soon on major exchanges.
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