Ripple is facing a delay in the launch of its RLUSD stablecoin due to regulatory issues with the New York State Department of Financial Services (NYDFS). The platform announced the delay on Dec. 4, stating that they are working closely with the NYDFS to secure final approval before launching RLUSD. Ripple emphasized their commitment to regulatory compliance and reassured users that the stablecoin would only be launched after obtaining the necessary approvals.
Fox Business journalist Eleanor Terret confirmed that her earlier report about the NYDFS nearing approval for RLUSD was accurate, but unexpected developments have caused a delay in the launch. New York’s strict crypto regulations require companies serving state residents to obtain a BitLicense or a limited-purpose trust company charter from the NYDFS. Currently, only 33 firms, including Ripple and its subsidiary Standard Custody, have secured these licenses.
Interest in Ripple’s XRP ecosystem has been growing significantly, with the digital asset experiencing a 400% price growth over the past month. This surge in price pushed XRP into the top three cryptocurrencies by market cap. Despite a 10% drop in the last 24 hours, XRP’s value has remained relatively stable at around $2.4. Data from XRPScan shows that the number of active accounts on the XRP Ledger (XRPL) has surpassed 100,000 for the first time, indicating a growing interest in the token and other projects within the ecosystem.
In addition to the increased interest in XRP, decentralized exchange trading activity has also seen a steady rise over the past month. This growth in activity can be attributed to the proliferation of memecoins on the blockchain network. Dexscreener data shows a substantial increase in trading volume on decentralized exchanges, highlighting the growing popularity of decentralized finance (DeFi) projects within the XRP ecosystem.
Liam Wright, also known as “Akiba,” is the Editor-in-Chief at CryptoSlate and host of the SlateCast. He believes that decentralized technology has the potential to make widespread positive change in the financial sector. His latest Alpha Market Report highlights the current trends and developments in the crypto market, providing valuable insights for investors and enthusiasts alike. As interest in the XRP ecosystem continues to grow, regulatory challenges like the delay in RLUSD’s launch underscore the importance of compliance and transparency in the cryptocurrency industry.
