Ripple has recently garnered attention for its deliberate approach to securing regulatory approval for its new stablecoin, Ripple USD (RLUSD). This is something that the company is addressing to adhere to the approval requirements against several other existing stablecoins that currently run without any approvals from the necessary bodies.
In a press release on August 9, 2024, the company stated that RLUSD had been launched in its first live testing zone at the XRP and Ethereum mainnets. However, the Ripple team is keen to clarify that RLUSD is not yet purchasable or tradable at the moment. Such issues became the center of discussions within the XRP community as the company insisted that regulatory approval was still pending.
Ripple first introduced the concept of RLUSD in June 2024, with CEO Brad Garlinghouse describing it as the "Real USD." The announcement generated significant interest, particularly given the potential for the stablecoin market to expand from its current valuation of $150 million to as much as $3 trillion by 2028. Ripple's conservative move is instead an exception to the current stablecoins in the market, as more than half of the available ones are yet to be cleared by the regulatory authority.
The post "Ripple Pushes for Regulatory Approval of RLUSD Stablecoin Amid Market Developments" first appeared on 36crypto.com News.
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