Ripple Receives Approval for RLUSD Stablecoin Launch
- Ripple has secured approval to launch its stablecoin Ripple USD (RLUSD).
- CEO Brad Garlinghouse confirmed the news via a post on X.
Ripple is set to introduce its stablecoin RLUSD after receiving final approval from the New York Department of Financial Services. Brad Garlinghouse, the CEO of Ripple, announced this development through a post on X on Tuesday, December 10, 2024.
Ripple’s Regulatory Approval
Earlier in the month, Ripple clarified that the launch of the US dollar-pegged stablecoin was pending regulatory approval from the NYDFS. The company emphasized its commitment to launching under the supervision of NYDFS and maintaining regulatory standards.
Ripple has named Bitstamp, Uphold, CoinMENA, and Bullish as exchange and platform partners for RLUSD. The stablecoin will be pegged 1:1 to USD and backed by USD deposits, short-term US government treasuries, and other cash equivalents.
Despite imminent launch plans for RLUSD, Ripple has urged caution among users and the market to beware of impersonations or scams.
Competition in the Stablecoin Market
Upon entry into the market, RLUSD will compete with established USD-pegged stablecoins such as Tether’s USDT and USDC. Tether’s USDT holds a market cap exceeding $138 billion, while USDC has a market cap of over $40 billion.
Ripple initially announced its intention to launch the stablecoin in April, with the stablecoin going live in private beta in August on both the XRP Ledger and the Ethereum mainnet.
