Ripple Delays RLUSD Launch Due to Regulatory Issues
Ripple recently announced a delay in the launch of its RLUSD stablecoin, citing regulatory issues with the New York State Department of Financial Services (NYDFS).
The platform stated on Dec. 4 that despite speculation, RLUSD would not be launching that day. Ripple assured its commitment to regulatory compliance and mentioned that the stablecoin would only be launched after obtaining final approval from NYDFS.
Unexpected Delay Despite Earlier Approval Speculation
Fox Business journalist Eleanor Terret confirmed an earlier report about NYDFS nearing approval for RLUSD. However, unexpected developments led to the delay, despite initial speculation that Dec. 4 would be the launch date.
New York’s strict crypto regulations mandate companies serving state residents to acquire a BitLicense or a limited-purpose trust company charter from the NYDFS. Only 33 firms, including Ripple and its subsidiary Standard Custody, have secured these licenses according to the regulator’s website.
Surging Interest in XRP’s Ecosystem
The delay in RLUSD’s launch coincides with a surge in interest in XRP’s ecosystem. The digital asset witnessed a 400% price growth over the past month, propelling it into the top three cryptocurrencies by market cap.
Despite a recent 10% drop in XRP’s price, interest in the token and other projects within its ecosystem remains high. Data from XRPScan indicates that the number of active accounts on the XRP Ledger (XRPL) has surpassed 100,000 for the first time.
Moreover, decentralized exchange trading activity on the XRPL has seen a steady increase in the past month, fueled by the rise of memecoins on the blockchain network, according to Dexscreener data.
About the Author
Liam ‘Akiba’ Wright
Liam Wright, also known as “Akiba,” is the Editor-in-Chief at CryptoSlate and the host of the SlateCast. He is a firm believer in the potential of decentralized technology to drive positive change.
