Ripple announced the acquisition of two Money Transmitter Licenses (MTLs) in New York and Texas, pivotal states for its cross-border payment solutions.
The newly acquired licenses in Texas and New York bring the total number of Ripple MTLs in the US to 31. The firm also announced it would double its hiring efforts this year as part of its expansion plans.
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:
“Financial institutions and crypto businesses are increasingly unlocking the benefits of blockchain for faster, cost-efficient, and 24/7 cross-border payments. Ripple’s experience in both crypto and financial services makes us uniquely positioned to support institutions ready to capitalize on this landscape.”
The US received nearly $900 billion worth of crypto between 2023 and 2024, according to Chainalysis’s “2024 Geography of Crypto Report.” It is the largest country in this metric.
Notably, retail investors are increasingly using crypto payments. An EY-Parthenon survey of over 1,000 crypto retail investors revealed that 29% of respondents used crypto for payments in 2024, a 6% leap from 2022.
These metrics combined suggest the US is a potential market for exploring crypto payments. Moreover, Ripple is also doubling down on its US presence, with 75% of its open positions based domestically.Â
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.
The company’s hiring has doubled compared to 2023, and it has recently expanded its offices in San Francisco and New York to accommodate its growing workforce.
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 Last week, the Securities and Exchange Commission (SEC) rescinded SAB 121, a rule that would have imposed restrictive requirements on banks offering crypto custody services.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.
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