XRP Surges 6% As RLUSD Stablecoin Gets Regulatory Approval

XRP surged over 6% in the last 24 hours after Ripple CEO Brad Garlinghouse announced the company’s RLUSD stablecoin received regulatory approval from the New York State Department of Financial Services (NYDFS).

“This just in…we have final approval from NYDFS for RLUSD! Exchange and partner listings will be live soon,” Garlinghouse said in a Dec. 10 X post.

XRP Outperforms Bitcoin And Ethereum

With the recent gain, XRP managed to outperform crypto market leaders Bitcoin (BTC) and Ethereum (ETH) in the last 24 hours as well. Leading crypto BTC only experienced a minor uptick in price during the same period, while ETH saw its price drop over 2%.

XRP reached a 24-hour high of $2.41 after dropping to an intraday-low of $1.91. It has since retraced slightly to trade at $2.30 as of 2:55 a.m. EST. The gain posted throughout the past trading day also added to the crypto’s positive monthly streak. As a result, the crypto is up more than 299% over the past 30 days.

RLUSD Could Reach A Market Cap Of $2 Trillion By 2028

Ripple announced its plans to launch its own stablecoin back in April, aiming to compete with Tether (USDT) and Circle (USDC). Executives at the company have predicted that RLUSD could reach a capitalization of $2 trillion by 2028, which is currently more than BTC’s valuation of just over $1.93 trillion.

RLUSD will also be pegged 1:1 with the US dollar, similar to USDT and USDC. Ripple said in April that its reserves will comprise USD deposits, short-term US Treasury bonds as well as “other cash equivalents.”

Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they…

— Ripple (@Ripple) August 9, 2024

In August, the company began testing for the RLUSD stablecoin on the XRP ledger and Ethereum mainnets. Ripple has also since announced partnerships with exchanges including Bitstamp, Uphold, Bitso, Independent Reserve, Moonpay, CoinMENA and Bullish.

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