TechFlow news, November 30 — According to FOX Business, citing sources familiar with the matter, Ripple is set to receive approval from the New York State Department of Financial Services (NYDFS) to launch its stablecoin RLUSD, with an official rollout expected on December 4, 2024. XRP's market capitalization has reached $99 billion, ranking it as the fifth-largest cryptocurrency globally. As a firm already licensed by NYDFS, Ripple will collaborate with payment service providers including Bitstamp, Moonpay, and Uphold to launch the stablecoin.
The stablecoin aims to meet customer demand for low-volatility digital currencies and further advance cross-border payments and remittance transactions. Previously, Ripple established an RLUSD Advisory Council comprising Sheila Bair, former chair of the U.S. Federal Deposit Insurance Corporation (FDIC); David Puth, former JPMorgan executive; and Chris Larsen, Ripple co-founder and Executive Chairman.
