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XRP Rallies 10% as Ripple's Stablecoin Gets Regulatory Approval, CEO Garlinghouse Says
The approval is a necessary step towards the public launch of the RLUSD token, which is currently in test mode on Ethereum and XRP Ledger.
Dec 10, 2024, 9:18 p.m.
What to know:
- Ripple's U.S. dollar stablecoin received "final approval" from the New York Department of Financial Services, Ripple CEO Brad Garlinghouse said in Tuesday X post.
- XRP, the native token of the Ripple-adjacent, surged 10% outperforming the broader crypto market.
- RLUSD is in test mode on Ethereum and XRP Ledger, and has a $52 million supply.
XRP, the native token of the XRP Ledger (XRPL) network, surged during the U.S. afternoon hours on Tuesday as Ripple CEO Brad Garlinghouse said the company's much-anticipated stablecoin obtained regulatory approval from the New York Department of Financial Services.
"This just in…we have final approval from NYDFS for RLUSD! Exchange and partner listings will be live soon," Garlinghouse posted on X.
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XRP rallied 10% following Garlinghouse's announcement in a broader crypto market bounce, erasing today's losses. The token was up 6.8% over the past 24 hours, outperforming and the broad market CoinDesk 20 Index. The XRPL network was developed by engineers who later established Ripple, and the company has long been associated with products and services using the token.
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Ripple laid out its plans in April to enter the quickly growing stablecoin market with its heavily regulated, short-term U.S. government bond-backed cryptocurrency. Stablecoins are a key piece of infrastructure in the crypto economy, and increasingly used for global payments, which is one of Ripple's business focuses. The two largest issuers, and Circle (USDC), currently dominate the almost $200 billion stablecoin market. The sector, however, is forecasted to grow to trillions of dollars over the next few years, and Ripple is vying for a piece of that.
With RLUSD, Ripple strives to leverage the company's established position for payments services among institutions and serve as a key intermediary for real-world asset tokenization, Ripple President Monica Long told CoinDesk in an interview in October. Tokenization is a red-hot trend in crypto to place traditional financial instruments on blockchain rails for more efficient transactions.
RLUSD is in beta testing on the XRP Ledger and Ethereum networks. Ripple's Long said earlier that the token has been "operationally ready," only awaiting approval from regulators for the token's public launch.
There are currently $41.7 million worth of RLUSD tokens on Ethereum and $10.4 million on XRPL, data compiled by analytics firm CryptoQuant shows.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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