Ripple Expands US Presence, Secures Key Licenses Amid Crypto Boom

Ripple, the blockchain-based payment company, has made significant strides in expanding its operations in the United States. The company recently secured money transmitter licenses in Texas and New York, two key states for its cross-border payment solutions. This move brings the total number of licenses held by Ripple in the US to 31, further solidifying its position in the market.

Both Texas and New York are known for their robust compliance frameworks, with the latter's BitLicense and Limited Purpose Trust Company Charter representing some of the highest regulatory standards in the financial sector. Joanie Xie, Ripple's Managing Director for North America, stated that the company's experience in both crypto and financial services makes it uniquely positioned to support institutions ready to capitalize on the growing landscape of blockchain-based payments.

The US has emerged as a significant market for crypto payments, with nearly $900 billion worth of crypto received between 2023 and 2024, according to Chainalysis's "2024 Geography of Crypto Report." Additionally, retail investors are increasingly using crypto for payments, with 29% of respondents using crypto for payments in 2024, a 6% leap from 2022, according to an EY-Parthenon survey.

Ripple is doubling down on its US presence, with 75% of its open positions based domestically. The company is also preparing to integrate its enterprise-grade stablecoin, Ripple USD (RLUSD), into its payments platform later this year to further enhance cross-border transaction efficiency. According to a dashboard from CryptoQuant, RLUSD's market cap grew by 42% since its official launch on Dec. 17, reaching nearly $100 million.

Ripple's expansion comes amid rapid regulatory evolution in the US. Last week, the Securities and Exchange Commission (SEC) rescinded SAB 121, a rule that would have imposed restrictive requirements on banks offering crypto custody services. This was the first action of the SEC's newly created crypto task force, led by Commissioner Hester Peirce, known as "Crypto Mom" for her positive stance on crypto.