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- RLUSD’s December 17 launch, backed by NYDFS approval, positions Ripple to drive stablecoin adoption and boost XRP’s market growth.
- Strategic partnerships and XRP ETF filings highlight increasing institutional confidence, setting the stage for Ripple’s transformative expansion in 2024.
Ripple has officially unveiled its RLUSD stablecoin, set to launch on December 17. Fully backed by USD deposits, government bonds, and other cash equivalents, RLUSD is designed for cross-border payments, DeFi integration, and seamless fiat-to-crypto bridging.
Ripple’s CEO Brad Garlinghouse emphasized the stablecoin’s role in driving utility and adoption amid evolving U.S. regulations. As discussed in a recent CNF update, RLUSD is positioned to outshine USDT and USDC.
Ripple has received final approval from the New York Department of Financial Services (NYDFS) for its stablecoin. According to Grok’s latest update:
This approval paves the way for RLUSD to be listed on exchanges and utilized through partnerships. The stablecoin aims to provide a less volatile transaction alternative within Ripple’s ecosystem, potentially affecting XRP’s market dynamics.
The RLUSD announcement has already triggered a price surge, pushing XRP to $2.67, with a 12.47% increase in price and a 22.72% spike in daily trading volume. XRP has also recorded a remarkable 130% growth over the past month. See XRP price chart below.
Strategic Partnerships and Industry Confidence
Ripple has strengthened its advisory board by appointing financial experts, including former Fed official Kenneth Montgomery and former RBI Governor Raghuram Rajan. The stablecoin’s launch aligns with favorable market sentiment, as four asset managers recently filed for XRP ETFs.
The RLUSD launch signals growing institutional interest and marks a transformative period for Ripple as it integrates the stablecoin into its payment solutions in 2024.
