Ripple Expands US Presence with New Licenses in New York and Texas
- Ripple Expands Licenses in the US
- Growing demand for cross-border payments
- RLUSD: Ripple's new stablecoin
Blockchain technology company Ripple has recently obtained Money Transmitter Licenses (MTLs) in the states of New York and Texas, expanding its presence in major financial centers in the United States. With these new acquisitions, Ripple now holds over 55 MTLs in the US, including the coveted New York BitLicense and a Limited Purpose Trust Company Charter.
Obtaining these licenses is strategic, as both New York and Texas see significant demand for real-time global payments from both traditional banks and cryptocurrency companies. With the MTLs, Ripple is authorized to offer cross-border payment solutions, managing end-to-end transactions for its customers.
Joanie Xie, Managing Director of North America at Ripple, commented: “We continue to see increased interest from financial institutions and crypto businesses looking to access the benefits of crypto and blockchain for faster, more cost-effective, 24/7 cross-border payments.”
In addition to its US licenses, Ripple holds regulatory approvals in several global jurisdictions, including a Majority Payment Institution License in Singapore and Virtual Asset Service Provider registrations in Ireland and the Cayman Islands.
The company reported that its payments business processed around $70 billion in volume, with coverage in over 90 markets, representing over 90% of daily FX markets. Over the past year, Ripple has doubled its customer base in North America, adding partners such as Bancoli, CambioReal, GeoSwift, AgilityFx, Cloud Payments, Atlantic Xchange and Zil Money.
In terms of internal expansion, approximately 75% of Ripple’s open positions are based in the US, and domestic hiring has doubled compared to 2023. The company recently opened new offices in San Francisco and New York, reinforcing its commitment to the US market.
These developments come at a time when the U.S. regulatory landscape for cryptocurrencies is evolving. The SEC recently introduced Staff Accounting Bulletin No. 122 (SAB 122), allowing banks and firms that offer cryptocurrency custody services to adjust their accounting to accommodate custodial crypto assets, substantially reducing the accounting challenges they may face.
Ripple has also launched its RLUSD stablecoin in the fiat-pegged token market, which is dominated by Tether (USDT). Although it is a new entrant, some speculate that Ripple’s move could signal future stablecoin regulations in the US.
With these initiatives, Ripple strengthens its position in the digital payments industry, meeting the growing demand for fast and efficient cross-border payment solutions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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