Catenaa, Thursday, December 12, 2024-Ripple’s RLUSD stablecoin has received final approval from the New York State Department of Financial Services (NYDFS).
Ripple CEO Brad Garlinghouse confirmed the development on Tuesday, stating on social media,
“Exchange and partner listings will be live soon,” he said.
The regulatory nod sets the stage for RLUSD to expand its market presence through exchanges and partners like Uphold, Bitstamp, and MoonPay.
The stablecoin, pegged to the US dollar, was first announced in April and underwent testing starting in August. Initially, RLUSD will be available on Ripple’s Ledger and Ethereum, providing a dual-platform advantage for users and developers. In October, Ripple named prominent market makers B2C2 and Keyrock to support liquidity for the launch.
The approval adds to Ripple’s momentum as it navigates regulatory challenges in the US cryptocurrency market.
Stablecoins like RLUSD are becoming a focal point in the industry due to their potential to facilitate cross-border payments and decentralized finance applications.
