Ripple is strategically expanding the reach of its regulated stablecoin, RLUSD, by preparing to launch it on multiple layer-2 platforms through a partnership with the interoperability protocol Wormhole. This move, targeting networks like Optimism and Base, aims to significantly boost the stablecoin’s utility while positioning it as a compliance benchmark in the rapidly evolving digital asset economy. With a market capitalization already exceeding $1.3 billion, RLUSD’s multi-chain expansion represents a calculated push to onboard new users and solidify Ripple’s footprint beyond its native XRP Ledger.
about Ripple Expands RLUSD Stablecoin to Layer-2 Networks via WormholeNew York Department of Financial Services
0 in Finance and 0 in Crypto last weekRipple Teams with Mastercard, Gemini on Stablecoin Credit Card Settlement
Ripple has announced a groundbreaking partnership with Mastercard, WebBank, and Gemini to explore using its regulated RLUSD stablecoin for credit card transaction settlements on the XRP Ledger. This initiative, currently pending regulatory approval, represents a significant step toward integrating cryptocurrency into mainstream financial infrastructure by enabling near real-time settlement processes while maintaining full regulatory compliance.
about Ripple Teams with Mastercard, Gemini on Stablecoin Credit Card SettlementFireblocks Teams with Galaxy, Bakkt for Institutional Crypto Custody
Fireblocks Trust Company has launched a strategic partnership with crypto industry leaders Galaxy, Bakkt, FalconX, and Castle Island to address the surging institutional demand for regulated digital asset custody. Operating under New York Department of Financial Services oversight, this collaboration establishes a comprehensive custody framework designed to support institutional products including ETFs, digital asset treasuries, and token launches while prioritizing regulatory compliance and security.
about Fireblocks Teams with Galaxy, Bakkt for Institutional Crypto CustodyNYDFS Updates Crypto Insolvency Guidance Before Harris Exit
In one of her final regulatory actions before stepping down, New York Department of Financial Services Superintendent Adrienne Harris has unveiled significant updates to cryptocurrency insolvency guidance, strengthening protections for consumers during crypto company failures. The revised framework, announced with just weeks remaining in her tenure, specifically targets custody arrangements and permissible uses of customer assets, reflecting lessons learned from recent industry turmoil.
about NYDFS Updates Crypto Insolvency Guidance Before Harris ExitNY Regulator Harris Resigns, Pushes US-UK Crypto Passporting
Adrienne Harris, superintendent of the New York Department of Financial Services, has announced her resignation after four years leading one of America’s most influential financial regulators. In her final interview, she championed enhanced cross-border crypto coordination, specifically proposing a passporting arrangement between the US and UK that would enable licensed crypto firms to operate in both jurisdictions without repeating full regulatory approval processes. Her departure concludes a pivotal era for American digital asset oversight, marked by strict enforcement and international dialogue.
about NY Regulator Harris Resigns, Pushes US-UK Crypto PassportingNYDFS Head Adrienne Harris Steps Down, Aslow to Lead
New York’s top financial regulator Adrienne Harris is departing as Superintendent of the Department of Financial Services in October, marking a pivotal transition for cryptocurrency oversight in the nation’s financial capital. During her four-year tenure, Harris cemented NYDFS as a global regulatory leader, establishing the Virtual Currency Unit and becoming the first American regulator to provide guidance for stablecoins. Her successor, Deputy Superintendent Kaitlin Aslow, brings Federal Reserve experience and is poised to continue New York’s strict but innovative approach to financial regulation.
about NYDFS Head Adrienne Harris Steps Down, Aslow to LeadRipple & Securitize Enable Instant BUIDL/VBILL to RLUSD Swaps
Ripple has partnered with Securitize to introduce a groundbreaking smart contract that enables instant conversion of BlackRock’s BUIDL and VanEck’s VBILL tokenized funds into RLUSD. This institutional breakthrough provides 24/7 liquidity access while maintaining yield exposure to treasury assets, marking a significant advancement in bridging traditional finance with blockchain markets. With RLUSD already surpassing $700 million in market capitalization, the integration represents a major step forward for institutional adoption of digital assets.
about Ripple & Securitize Enable Instant BUIDL/VBILL to RLUSD SwapsBullish Stock Surges 7.5% on Strong Q2 Earnings & NY License
Bullish (NYSE: BLSH) shares surged over 7.5% following better-than-expected Q2 earnings and strong forward guidance, marking a dramatic turnaround from year-earlier losses. The crypto exchange’s impressive performance was further bolstered by regulatory approval from New York’s Department of Financial Services, multiple analyst price target upgrades, and significant institutional investment from Cathie Wood’s ARK Invest, signaling growing confidence in the company’s expansion strategy.
about Bullish Stock Surges 7.5% on Strong Q2 Earnings & NY LicenseBullish Stock Soars But Analysts Warn of Overvaluation
Bullish (BLSH), the Peter Thiel-backed cryptocurrency exchange, experienced a dramatic NYSE debut in August with shares soaring from $37 to over $118. Despite this initial success, Compass Point analysts have issued a neutral rating with a $45 price target, citing significant regulatory concerns. The analysts highlight that Bullish faces major obstacles in cracking the U.S. market, primarily due to the absence of the CLARITY Act and New York’s restrictive BitLicense requirements. They express skepticism about NYDFS approving a license for an exchange that acts as its own market maker. While acknowledging Bullish’s competitive pricing advantages over Coinbase for institutional trading, the analysts believe the stock is currently overvalued at 110 times core operating profit and suggest waiting 1-2 quarters for a better buying opportunity.
about Bullish Stock Soars But Analysts Warn of OvervaluationNY Proposes 0.2% Crypto Tax to Fund Opioid Crisis Fight
New York State Assemblymember Phil Steck introduced Bill A0966, proposing a 0.2% excise tax on cryptocurrency transactions to fund substance abuse programs in upstate schools. The tax, estimated to yield $158 million annually, applies to NFTs, mined assets, and stablecoins, leveraging Chainalysis data adjusted for New York’s GDP share. Steck’s memo cites crypto’s fraud risks (e.g., Gemini’s $50M settlement) and environmental concerns from mining. The bill aligns with states like Wyoming using crypto revenues for education, though NY’s DFS withheld transaction volume data. Critics argue the broad tax could impact NYC’s crypto hub status, home to firms like Circle and Galaxy Digital.
about NY Proposes 0.2% Crypto Tax to Fund Opioid Crisis FightRipple’s RLUSD Stablecoin Surpasses $600M Supply in July
Ripple’s stablecoin RLUSD experienced a 32.3% supply increase between June and July, surpassing $600 million—the second-largest growth among stablecoins with over $500 million in supply expansion. Since May, RLUSD has nearly doubled its supply, with its market cap jumping 47% to $455.3 million by June. In July, it hit a new monthly high with $3.3 billion in trading volume, up 27% from June. Ripple bolstered RLUSD’s growth through strategic moves, including seeking a national banking charter, partnering with BNY Mellon as custodian, and pursuing ISO 20022 and MiCA compliance. However, skepticism arose as blockchain investigator ZachXBT questioned the authenticity of RLUSD’s user base, comparing it unfavorably to rivals like Circle and Tether.
about Ripple's RLUSD Stablecoin Surpasses $600M Supply in JulyRipple & Circle Seek Bank Charters as Crypto Moves Mainstream
Ripple and Circle are pursuing national trust bank charters, marking a significant step toward aligning crypto with traditional finance. The OCC has softened its stance, allowing banks to offer crypto custody, handle stablecoin transactions, and participate in blockchain networks. Ripple’s application includes dual state and federal oversight, while Circle aims to meet higher regulatory standards for its USDC stablecoin. Both companies seek to enhance credibility and access to Federal Reserve systems. Ripple’s potential Federal Reserve master account could streamline its RLUSD stablecoin operations, emphasizing compliance in a $250B market. The GENIUS Act, advancing in Congress, may further legitimize stablecoins with strict reserve and audit requirements.
about Ripple & Circle Seek Bank Charters as Crypto Moves Mainstream