Revolutionizing Japan’s Crypto Ecosystem
Exciting developments are underway in Japan’s crypto landscape, with Ripple CEO Brad Garlinghouse announcing the approval of the Ripple USD (RLUSD) stablecoin by the New York State Department of Financial Services (NYDFS).
Launch Imminent
The NYDFS was set to approve the stablecoin on Dec. 4, but unforeseen circumstances delayed the launch. Despite this setback, Ripple remains dedicated to launching the stablecoin under the regulator’s supervision.
Regulatory Compliance in New York
New York requires crypto firms serving state residents to obtain a BitLicense or a limited-purpose trust company charter from the NYDFS.
Competing in the Stablecoin Market
The stablecoin market has reached record highs, with Tether USD (USDT) dominating with a market cap of nearly $141 billion. Competition in this space is fierce, as evidenced by the fluctuating market caps of other stablecoins like PayPal’s PYUSD and Ethena’s USDe.
Rising Stars in the Stablecoin Space
- Ethena’s USDe has seen significant growth, surpassing $5.6 billion in market size due to incentive programs.
- USDe offers an annual percentage yield of 27%, attracting investors looking for higher returns.
Future Prospects for RLUSD
As the stablecoin market evolves and investors seek value incentives, RLUSD’s success may hinge on offering attractive returns to its users.
Authors
Gino Matos – Reporter at CryptoSlate
Assad Jafri – Editor & Reporter at CryptoSlate
