Ripple’s RLUSD stablecoin is generating interest in the crypto community, with rumors circulating about a potential partnership with Hedera for the coin’s expansion. Shawn, a member of the World Economic Forum, sparked discussions on X, hinting at a collaboration between Ripple and Hedera for a global settlement standard. While these rumors have not been officially confirmed, speculation continues to grow, with some even suggesting Goldman Sachs’ involvement in the potential partnership.
Sources familiar with developments suggest that Ripple is close to obtaining regulatory approval for RLUSD from the New York Department of Financial Services (NYDFS). If approved, Ripple could launch RLUSD on December 4, positioning themselves in the regulated digital finance landscape of New York. The NYDFS’s stringent regulatory framework ensures compliance with consumer protection, security, and transparency requirements for entities offering stablecoins.
MoonPay, Bitstamp, and Uphold are expected to support RLUSD’s launch, with MoonPay’s President of Enterprise, Keith Grossman, expressing excitement about the potential partnership. RLUSD is designed for cross-border payments and remittances, aiming to facilitate efficient and cost-effective transactions through blockchain technology. The broader stablecoin market is valued at around $190 billion and may see further growth with potential federal regulation changes under the new administration.
Ripple’s strategy mirrors that of other stablecoin providers like Paxos, Gemini, and Circle, who operate under trust charters or BitLicenses issued by the NYDFS. While Ripple has not publicly commented on the rumors, the regulatory approval process highlights the importance of state-level oversight for stablecoin projects amidst uncertain federal regulations.
The speculation around Ripple’s collaboration with Hedera for RLUSD expansion adds an interesting dimension to the crypto space, as it could set a global standard for digital settlements. If the partnership materializes, it would signal a significant advancement in the adoption of stablecoins for cross-border transactions. Although nothing has been officially confirmed yet, the potential collaboration has captured the interest of netizens and industry experts alike.
In conclusion, Ripple’s potential partnership with Hedera for RLUSD expansion and regulatory approval from the NYDFS mark significant developments for the stablecoin market. As the crypto industry continues to evolve, collaborations between key players like Ripple and Hedera could pave the way for more innovative solutions in the digital finance space. Stay tuned for more updates on Ripple’s RLUSD stablecoin and its potential impact on the crypto market.
