Ripple announced a delayed launch of its RLUSD Stablecoin because of regulatory issues at the New York State Department of Financial Services.
In a December 4th statement, X (formerly Twitter) stated that
“Despite some speculation, $RLUSD isn’t launching today. We’re in lockstep with the NYDFS on final approval and will share updates as soon as possible.”
Ripple has also emphasized the importance of regulatory compliance and reassured that RLUSD wouldn’t be launched until NYDFS had given its approval.
Fox Business journalist Eleanor Terret noted that her earlier report about the NYDFS’s nearing approval for RLUSD was confirmed by Ripple’s post. While two sources indicated that Dec. 4 was the possible launch date, she added unexpected developments led to this current delay.
New York’s stringent crypto regulations require companies serving state residents to obtain a BitLicense or a limited-purpose trust company charter from the NYDFS. According to the regulator’s website, only 33 firms have secured these licenses, including Ripple and its subsidiary Standard Custody.
Interest in XRP’s ecosystem soars
Ripple’s delay of RLUSD comes at a period of heightened interest in XRP’s ecosystem.
Over the past month, the digital asset recorded a 400% price growth, pushing its value into the top three cryptocurrencies by market cap.
As of the time of publication, however, XRP had fallen by about 10% over the past 24 hours. It fell to $2.2 and then recovered to reach $2.4. Coinglass’ data shows that this performance has cost crypto investors over $55,000,000.
The token, and the other projects that make up its ecosystem are still attracting a lot of interest. To put this in context, XRPScan data shows that for the first ever the number of accounts active on the XRP Ledger has exceeded 100,000.
Dexscreener shows, in addition, that trading on decentralized exchanges increased over the course of the month thanks to memecoins’ proliferation.
XRP, New York. Adoption. Featured. Stablecoins Author 
Oluwapelumi Adejumo
Oluwapelumi believes in the potential of Bitcoin. He shares his insights and opinions on topics such as DeFi, Hacks, Mining, Culture, etc., highlighting the transformative power of Bitcoin.
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