- Ripple delays RLUSD stablecoin launch, awaiting final approval from NYDFS for regulatory compliance.
- RLUSD aims to compete in the growing stablecoin market, targeting less volatility than XRP.
- Ripple focuses on transparency and compliance with NYDFS regulations before RLUSD’s public release.
Despite widespread anticipation, Ripple’s new stablecoin, RLUSD, will not be launching today. In a recent update, the company stated that the launch is still pending final approval from the New York Department of Financial Services (NYDFS). Ripple reaffirmed its commitment to complying with all regulatory obligations before proceeding.
Awaiting Final NYDFS Approval
The statement came after speculation over the coin’s December 4 launch. Ripple assures users and the public that it is working closely with the NYDFS to meet all regulatory requirements. The company stated that it will provide information after the approval process is complete.
Ripple’s RLUSD stablecoin is designed to provide a less volatile alternative to XRP. It is expected to play a key role in the growing digital economy. Stablecoins are now essential for cross-border transactions.
The stablecoin market, worth $190 billion, is expected to grow significantly. RLUSD introduction will give new competition to current firms such as Circle, Paxos, and Gemini.
Ripple’s efforts to launch RLUSD are part of its strategy to grow in the global payments market. This is significant given its ongoing legal battle with the SEC. The recent acquisition of Standard Custody & Trust Company, regulated by the NYDFS, is a strategic step to ensure compliance with strict regulations.
Commitment to Consumer Protection and Transparency
The NYDFS is known for its strict standards. Ripple’s decision to launch RLUSD under its supervision highlights its commitment to transparency and consumer protection. The launch delay has caused some dissatisfaction. However, Ripple’s focus on compliance shows a long-term strategy for success in the stablecoin market.
Ripple has asked its users to stay tuned for future improvements. The company remains completely dedicated to following regulatory rules before making the RLUSD stablecoin available to the public.
