Ripple’s much-anticipated RLUSD stablecoin launch has hit a snag due to regulatory hurdles with the New York State Department of Financial Services (NYDFS). In a recent statement on X (formerly Twitter), Ripple announced that the launch of RLUSD has been postponed until further notice. The platform emphasized its commitment to regulatory compliance and stated that RLUSD would only be launched after securing the necessary approvals from NYDFS.
Fox Business journalist Eleanor Terret confirmed earlier reports suggesting that NYDFS was nearing approval for RLUSD. However, unforeseen developments have led to the current delay. New York’s strict crypto regulations mandate that companies serving state residents obtain a BitLicense or limited-purpose trust company charter from NYDFS. Only 33 firms, including Ripple and its subsidiary Standard Custody, have managed to secure these licenses.
The delay in RLUSD’s launch comes at a time when interest in XRP’s ecosystem is at an all-time high. Over the past month, XRP has experienced a 400% price surge, propelling it into the top three cryptocurrencies by market cap. Despite a recent 10% drop in price, XRP remains a popular choice among investors. Data from XRPScan shows that the number of active accounts on the XRP Ledger has surpassed 100,000 for the first time. Additionally, decentralized exchange trading activity on the XRP Ledger has seen a steady increase, fueled by the rise of memecoins on the blockchain network.
In conclusion, while the delay in RLUSD’s launch may be disappointing for some, the overall interest in XRP’s ecosystem remains strong. As the crypto market continues to evolve, Ripple’s commitment to regulatory compliance and the growth of XRP’s ecosystem are sure to attract more attention from investors and enthusiasts alike.