Ripple has obtained money transmitter licenses in Texas and New York, marking a significant step in its U.S. operations.
Expansion of Ripple's Operations
On January 25, Ripple announced strong demand for real-time payment solutions among banks and crypto businesses in Texas and New York. The licenses enable the company to expand its cross-border payment solutions.
Development of Stablecoin
In December, CEO Brad Garlinghouse announced that the New York Department of Financial Services approved the company's RLUSD stablecoin, which is set to be listed on cryptocurrency exchanges. Ripple plans to integrate this stablecoin into its payment services platform this year.
Response to Industry Criticism
Ripple continues to face criticism from industry leaders. Chief Technology Officer David Schwartz recently addressed claims by Pierre Rochard about potential threats to XRPL's decentralization. Schwartz stated that XRPL operates on a governance system driven by node rules, not validators, providing a faster and more censorship-resistant alternative to Bitcoin's proof of work.
Obtaining licenses in key U.S. regions and actively developing its stablecoin demonstrates Ripple's strategic moves to strengthen its market position. Despite criticism, the company continues to advance, providing innovative solutions for its clients.
