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Ripple Labs' RLUSD stablecoin received final approval from the New York Department of Financial Services, sparking a 6.4% recovery in XRP's price. The announcement follows a turbulent week in the market, with Ripple aiming to expand its cross-border payment solutions.
Ripple’s RLUSD Stablecoin Gains NYDFS Approval
New York's Department of Financial Services (NYDFS) has given final permission for the launch of the new stablecoin $RLUSD, as revealed by Ripple Labs CEO Brad Garlinghouse on Twitter.
The new stablecoin from Ripple Labs will be a digital currency that is tied to the US Dollar at a 1:1 ratio, much like USDC and USDT. Aside from diversifying the company's cross-border payment solution, which has so far depended only on XRP, the new coin's launch will also aim to increase reach among institutional investors.
Since the beginning of the year, RLUSD has been testing on networks based on Ethereum and XRP Ledger.
RLUSD Faces Competition in Stablecoin Market
Standing up to stablecoin industry heavyweights like Tether and Circle's USDC will be no easy task for Ripple's new currency whenever it hits the market.
Additionally, the XRP market has been rattled by the NYDFS's approval of the offering of $RLUSD, Bitcoinsensus shares. With a 26% drop in value over the last three days, $XRP has been seeing its most substantial price correction since the 400% boom in Q4 of 2024.
The price of one XRP coin started the day at about $2.21.
XRP Price Rebounds After RLUSD Announcement
The asset's price surged to $2.32 in the currency value just moments following the RLUSD announcement.
The bullish turnaround helped XRP regain part of the ground it lost in the past several days. The asset is still trading at a 7% loss on weekly charts, but a closer look at the bigger picture shows a very positive trend with 292% yields over 30 days.
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