According to sources familiar with the matter, the New York Department of Financial Services (NYDFS) is considering granting approval to Ripple Labs’ RLUSD stablecoin as early as next week.
This development has caused XRP, the digital asset associated with Ripple, to soar in value from a low of $1.45 on November 28th to its current price of $1.88, representing a significant 30% increase.
Earlier this year, Ripple Labs faced a lawsuit from the US Securities and Exchange Commission (SEC) for allegedly selling unregistered securities. However, the case took a turn when the judge ruled that retail sales of XRP do not qualify as securities. In preparation for the launch of its stablecoin on December 4th, Ripple has announced partnerships with major crypto exchanges such as Bitstamp and MoonPay.
Keith Grossman, president of enterprise at MoonPay, stated that the approval of RLUSD by a well-established and regulated player in the global stablecoin market is a positive development, especially with the imminent implementation of MiCA (Markets in Crypto Assets) regulation in Europe.
