Ripple CEO Brad Garlinghouse said NYDFS has approved the launch of Ripple's stablecoin RLUSD. XRP price rises 9% as Ripple predicts that RLUSD could reach a market cap of USD 2 trillion by 2028. Changes in SEC leadership and pending ETF approval suggest the future of XRP and crypto regulation is bullish.
Ripple’s stablecoin ambitions have just become a reality, as CEO Brad Garlinghouse said in X that regulators approved the project. According to a post on December 11, Australian time, the New York Department of Financial Services (NYDFS) has given the green light for the launch.
CEO Garlinghouse Announces Approval of RLUSD by NYDFS, Source: X
The CEO stated that the exchange and partner list will be published soon and reminded everyone that they should only rely on official Ripple channels as a source of information about when RLUSD will be published – scammers It is notorious for impersonating Garlinghouse and Ripple with fake giveaways and other scams.
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Krippenreiter, a technologist and educator, wrote in X that the increased volume associated with the launch is likely to attract bad actors, warning traders and investors to “always exercise caution.”
Ripple announces that RLUSD could reach more than half of today's cryptocurrency market capitalization
XRP price reacted positively to this news, rising 9% in the past 24 hours while the overall market remained largely flat or in the red. XRP hit US$2.36 (A$3.70) at the time of writing, after losing 30% of the gains from last month's rally.
XRP weekly chart, source: CoinMarketCap
According to previous statements, Ripple estimates that its stablecoin could reach a market capitalization of up to US$2 trillion (A$3.1 trillion) by 2028.
For comparison, the market capitalization of cryptocurrencies is currently US$3.44 trillion (A$5.4 trillion), according to CoinMarketCap data. The largest stablecoin, Tether USDT, has a market capitalization of US$138 billion (A$216.4 billion).
XRP is on the rise thanks to positive developments in the leadership of the US Securities and Exchange Commission (SEC), with Gary Gensler resigning and crypto advocate Paul Atkins likely to replace him. Things are going well.
Several spot XRP ETFs awaiting approval
The case against Ripple is generally expected to conclude under the SEC's pro-crypto leadership.
In a bullish move for the industry, President-elect Donald Trump also named David Sachs as the first “White House AI and Cryptocurrency Czar.”
There are also several spot XRP exchange traded funds (ETFs) awaiting approval, including Canary Capital, Bitwise, WisdomTree, and 21Shares.
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A change in SEC leadership could also lead to positive developments for these applications.
Stablecoins are becoming increasingly popular, with USDT recently gaining recognition in Abu Dhabi.
According to a statement, the Financial Services Regulatory Authority (FSRA) has granted Tether the status of an Approved Virtual Asset (AVA), allowing licensed entities to collect USDT under the Abu Dhabi Global Market (ADGM) regulatory framework. We are now able to offer products that include
