Ripple, a leading cryptocurrency platform, has announced a delay in the launch of its RLUSD stablecoin due to regulatory issues with the New York State Department of Financial Services (NYDFS). In a statement on social media, Ripple stated that they are working closely with NYDFS to secure final approval before the launch of RLUSD.
The delay comes as a disappointment to many who were anticipating the launch of RLUSD on Dec. 4. Fox Business journalist Eleanor Terret had previously reported that NYDFS was nearing approval for RLUSD, but unexpected developments have led to the current delay. Ripple emphasized its commitment to regulatory compliance and stated that RLUSD would only be launched once all necessary approvals are in place.
New York has strict regulations for cryptocurrency companies serving state residents, requiring them to obtain a BitLicense or a limited-purpose trust company charter from NYDFS. Ripple and its subsidiary Standard Custody are among the 33 firms that have secured these licenses, according to the regulator’s website.
Despite the delay in the launch of RLUSD, interest in XRP’s ecosystem is soaring. The digital asset has seen a 400% price growth in the past month, pushing it into the top three cryptocurrencies by market cap. While XRP experienced a 10% drop in the last 24 hours, it has since recovered to $2.4. The increased interest in XRP is evident in the growing number of active accounts on the XRP Ledger, which has exceeded 100,000 for the first time.
Decentralized exchange trading activity on the XRP Ledger has also been on the rise, thanks to the proliferation of memecoins on the blockchain network. Dexscreener data shows a steady increase in trading activity on decentralized exchanges in the past month.
Overall, despite the delay in the launch of RLUSD, interest in XRP and its ecosystem remains high. The cryptocurrency market continues to evolve, with new developments and opportunities emerging for investors and traders. Stay tuned for more updates on Ripple and the XRP ecosystem.