DIGIVESTASI - XRP token surged by nearly 7% following Ripple CEO Brad Garlinghouse's announcement that the company has received approval from the New York Department of Financial Services (NYDFS) to launch its stablecoin, RLUSD.

RLUSD is a stablecoin designed to maintain a fixed value pegged 1:1 to the US dollar, similar to popular stablecoins such as USDT and USDC. While rumors about RLUSD’s launch circulated last week, Garlinghouse officially confirmed it after obtaining NYDFS approval. The stablecoin is expected to be rolled out soon.

Ripple revealed that RLUSD will be backed by assets like short-term US government cash equivalents and dollar-denominated deposits. The stablecoin’s liquidity stability will also be supported by market makers such as B2C2 and Keyrock to ensure availability and market efficiency.

RLUSD was first announced in April, followed by beta testing on the XRP Ledger and Ethereum blockchain in August. To facilitate its launch, Ripple has partnered with several exchanges, including Uphold, Bitstamp, Bitso, Moonpay, Independent Reserve, CoinMENA, and Bullish.

Impact of RLUSD on XRP

Garlinghouse’s announcement of RLUSD’s launch positively impacted XRP, which saw a rise of around 7% after enduring a week-long decline. According to Coinglass data, the earlier drop was accompanied by liquidations totaling more than IDR 794.8 billion within the past 24 hours.

At the time of reporting, XRP prices had risen nearly 10% to IDR 37,000, according to CoinMarketCap data. If this upward trend continues, XRP could potentially reach IDR 41,000 and retest the resistance level at IDR 47,000, which previously served as a significant selling pressure point.

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