Ripple has released the RLUSD stablecoin on global exchanges. Supported by NYDFS, new asset faces uncertainty from the SEC regarding its regulatory status.
Regulatory Uncertainty and Bill Morgan's Response
The SEC named RLUSD as an ‘unregistered crypto asset,’ causing concern among investors. Attorney Bill Morgan dismissed the credibility of SEC's claims, pointing to past inaccuracies by the agency regarding crypto assets. He noted the market remains unabated due to NYDFS regulation, while the SEC hasn't commented on its approval.
Ripple's Vision for RLUSD and Impact on XRP
Ripple President Monica Long outlined the major implications of RLUSD for the XRP ecosystem. RLUSD aims to enhance liquidity and fund decentralized finance, whereas XRP serves as a bridge asset for cross-border transactions. Long emphasized the synergy between RLUSD and XRP in enhancing cross-border payment systems.
Market Reaction and XRP Price Performance
XRP saw a positive price response, trading at $2.62. Trading volume rose by 40.48%, with market cap reaching $149.83 billion, affirming XRP's position as the third-largest cryptocurrency. Analysts highlight bullish momentum and confidence in Ripple's ecosystem, projecting potential for further price increases.
The launch of RLUSD and market's positive response enhance confidence in Ripple's ecosystem. Despite SEC's concerns, NYDFS support and Ripple's strategies help advance their solutions for cross-border payments.