Ripple has received the final NYDFS approval for RLUSD
Ripple gets approval to launch stablecoin Ripple USD (RLUSD). CEO Brad Garlinghouse pointed out in a post on X.
After receiving final approval from the New York Department of Financial Services, Ripple will soon launch its stablecoin RLUSD.
Ripple CEO Brad Garlinghouse confirmed this in a post on X on Tuesday, December 10, 2024.
“This is in… We have final approval from NYDFS for $RLUSD! Exchange and partner listings will go live soon – and note: RLUSD is live and you will hear from Ripple first,” Garlinghouse posted.
The official Ripple X account has shared the upcoming launch of statscoin, and the news comes as the XRP token looks to regain over $2. The altcoin losses came as Bitcoin fell below $95k and most coins traded lower.
Ripple gets a control node
Earlier this month, Ripple denied reports that it was launching a US dollar-pegged stablecoin. Instead, he confirmed that the official launch is pending regulatory approval from the NYDFS.
Despite some speculation, $RLUSD is not starting today. We are in lockstep with NYDFS on final approval and will share updates as soon as possible.
We are fully committed to launching under the supervision of the NYDFS and maintaining the highest regulatory standards. Stay tuned…
— Ripple (@Ripple) December 4, 2024
In its earlier announcement regarding exchange and platform partners, Ripple named the likes of Bitstamp, Uphold, CoinMENA and Bullish.
Meanwhile, the company said the RLUSD will be pegged 1:1 to the USD and will be backed 100% by USD deposits, short-term US government Treasuries and other currencies. The stablecoin was released in private beta in August, launching on the XRP Ledger and Ethereum mainnet.
While the company expects RLUSD to launch soon, it cautions its users and the wider market to be wary of impersonations or scams.
$RLUSD Launching Soon!
Be vigilant and report any impersonation or fraud.
— Ripple (@Ripple) December 10, 2024
Ripple announced plans to launch a stablecoin in April.
Its entry into the market will see RLUSD compete against the top US dollar stablecoins. The market leader in this segment is Tethers USDT with a market cap of over $138 billion. The second largest USDC has a market cap of over $40 billion.
