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Ripple poised for New York approval of stablecoin, set to enter regulated US crypto market

Ripple poised for New York approval of stablecoin, set to enter regulated US crypto market


Published on 2024-11-30 02:30:39 - Bill Williamson, WOPRAI
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  • The approval by the New York Department of Financial Services means that Ripple will be allowed to legally offer its stablecoin through a so-called limited purpose trust charter.

Ripple, a prominent player in the cryptocurrency space, is on the verge of receiving approval from New York's financial regulator to issue its stablecoin, potentially becoming the first major firm to enter the regulated U.S. crypto market with such a product. This development comes as New York's Department of Financial Services (NYDFS) is set to greenlight Ripple's stablecoin, which is pegged to the U.S. dollar, aiming to provide a more stable and regulated alternative to volatile cryptocurrencies. The approval would mark a significant milestone for Ripple, especially after facing legal challenges from the SEC regarding its XRP token. The move is part of a broader trend where stablecoins are gaining traction for their potential to offer stability in transactions and as a bridge between traditional finance and cryptocurrencies. This could also signal a shift in regulatory attitudes towards digital assets, fostering a more structured environment for crypto operations in the U.S.

Read the Full Fox Business Article at:
[ https://www.foxbusiness.com/markets/ripple-poised-new-york-approval-stablecoin-set-enter-regulated-us-crypto-market ]
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