New York Regulator Nears Approval of Ripple's RLUSD Stablecoin, XRP Surges 30%

A prominent regulator in New York is considering the approval of Ripple Labs' RLUSD stablecoin soon.

According to a recent report from Fox Business, sources familiar with the situation say the New York Department of Financial Services (NYDFS) might give the green light before the coin launches on December 4th.

This news has sent XRP, the digital asset linked to Ripple, soaring. It jumped from a low of $1.45 on November 28th to $1.88 now, which is nearly a 30% increase.

Last month, Ripple announced partnerships with several exchanges for its stablecoin. This includes well-known platforms like Bitstamp and MoonPay.

Keith Grossman, MoonPay's president of enterprise, shared with Fox Business, “It’s great to see another well-capitalized, highly regulated player enter the global stablecoin market. With MiCA regulation in Europe coming soon, this is a win-win. MoonPay is proud to provide access to RLUSD for our partners and customers right from day one.”

Ripple Labs has faced legal challenges since December 2020 when the U.S. Securities and Exchange Commission (SEC) sued them for allegedly selling unregistered securities. However, a judge ruled that retail sales of XRP do not count as securities.

Additionally, in May, the SEC filed a statement in court saying that RLUSD qualifies as an “unregistered crypto asset.”