Ripple secures final NYDFS approval for RLUSD
Ripple has secured approval to launch its stablecoin Ripple USD (RLUSD).
CEO Brad Garlinghouse pointed this out via a post on X.
Ripple will soon launch its stablecoin RLUSD after it received the final approval from the New York Department of Financial Services.
Brad Garlinghouse, the CEO of Ripple, confirmed this via a post on X on Tuesday, December 10, 2024.
“This just in…we have final approval from NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from Ripple first,” Garlinghouse posted.
The official Ripple X account also shared the upcoming launch of the stablecoin, with the news coming as the XRP token looked to recover above $2. Losses for the altcoin came as Bitcoin pared gains to below $95k and most coins traded lower.
Ripple gets regulatory nod
Earlier this month, Ripple dismissed reports the US dollar-pegged stablecoin was launching. Rather, it confirmed that the official launch awaited regulatory approval from the NYDFS.
Despite some speculation, $RLUSD isn’t launching today. We’re in lockstep with the NYDFS on final approval and will share updates as soon as possible.
We are fully committed to launching under the supervision of NYDFS and upholding the highest regulatory standards. Stay tuned…
— Ripple (@Ripple) December 4, 2024
in an earlier announcement regarding exchange and platform partners, Ripple named the likes of Bitstamp, Uphold, CoinMENA and Bullish.
Meanwhile, the company said RLUSD will be pegged 1:1 to USD and be 100% backed by USD deposits, short-term US government treasuries and other cash equivalents. The stablecoin went live in private beta in August, with the launch on both the XRP Ledger and the Ethereum mainnet.
While the company expects RLUSD to launch imminently, it has cautioned its users and the broader market to be wary of impersonations or scams.
$RLUSD is launching soon!
Stay vigilant and report any impersonations or scams. https://t.co/yqnAdBQSfW
— Ripple (@Ripple) December 10, 2024
Ripple announced plans to launch its stablecoin in April.
Entry into the market will see RLUSD compete with top USD-pegged stablecoins. The market leader in this segment is Tether’s USDT, which has a market cap of over $138 billion. USDC, the second largest, has a market cap of over $40 billion.
