XRP, the native token of the XRP Ledger (XRPL) network, surged during the U.S. afternoon hours on Tuesday as Ripple CEO Brad Garlinghouse said the company’s much-anticipated stablecoin obtained regulatory approval from the New York Department of Financial Services.
“This just in…we have final approval from NYDFS for RLUSD! Exchange and partner listings will be live soon,” Garlinghouse posted on X.
XRP rallied 10% following Garlinghouse’s announcement in a broader crypto market bounce, erasing today’s losses. The token was up 6.8% over the past 24 hours, outperforming bitcoin (BTC) and the broad market CoinDesk 20 Index. The XRPL network was developed by engineers who later established Ripple, and the company has long been associated with products and services using the token.
Ripple laid out its plans in April to enter the quickly growing stablecoin market with its heavily regulated, short-term U.S. government bond-backed cryptocurrency. Stablecoins are a key piece of infrastructure in the crypto economy, and increasingly used for
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Author: Krisztian Sandor
