Has Ripple's stablecoin RLUSD been approved by the New York Department of Financial Services? XRPMarket Cap surpasses BNB

According to Fox Business, the New York Department of Financial Services (NYDFS), the highest Cryptocurrency regulatory agency, is about to approve the new Stable Coin RLUSD issued by the cross-border payment company Ripple. The Token XRP related to Ripple Labs surged by 17% in 24 hours, surpassing BNB to become the fifth largest Cryptocurrency by Market Cap.

Will RLUSD be approved soon?

Ripple CEO Brad Garlinghouse announced in April that the company will enter the Stable Coin market with its Stable Coin named RLUSD, fully backed by US dollar deposits, short-term US Treasury securities, and other equivalent cash. The plan is to issue it this year based on the ERC-20 Token standards and support it on Ripple’s XRP Distributed Ledger and Ethereum.

Ripple states its commitment to Compliance and its subsidiaries hold a New York BitLicense, money transmission licenses in nearly 40 US states, a Major Payment Institution license (MPI) from the Monetary Authority of Singapore (MAS), and registration as a Virtual Asset Service Provider with the Central Bank of Ireland. Ripple also agreed to acquisition Standard Custody this year, one of the few encryption companies holding a New York-chartered trust.

Fox Business cited sources as reporting that the New York Department of Financial Services (NYDFS) has indicated its approval for the product to Ripple, with a possible launch date of December 4th. RLUSD will be positioned as a key participant in the regulated digital financial market in New York and the broader stablecoin ecosystem.

XRP surpasses BNB to become the fifth largest cryptocurrency by Market Cap

Ripple’s core business revolves around its global payment network RippleNet, which uses blockchain technology to provide banks and businesses with faster, cheaper, and more efficient cross-border payment solutions. It is promoted as an alternative to the global bank Settlement system SWIFT. Ripple’s native coin XRP acts as a bridge currency for these Settlement transactions, but the coin is currently in regulatory trouble in the United States, as the Securities and Exchange Commission continues to argue in court that it is an unregistered security.

However, with Trump’s confirmation of re-entering the White House and SEC Chairman Gary Gensler’s announcement of stepping down in January next year, XRP surged 245% within a month, and rose 17% in a big pump yesterday after the news broke, surpassing BNB to become the fifth largest cryptocurrency by Market Cap.

This article Ripple Stablecoin RLUSD Approved by New York Financial Services Department? XRPMarket Cap surpasses BNB first appeared in Chain News ABMedia.