Ripple, a leading blockchain company, has secured approval from the New York State Department of Financial Services (NYDFS) to launch its stablecoin, RLUSD. This milestone comes after earlier speculation that the launch might occur on December 4, marking a significant step for Ripple in the stablecoin arena.
CEO Brad Garlinghouse took to X to announce that RLUSD will soon be listed on major crypto exchanges and partner platforms, opening it up to the global market.
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.
— Brad Garlinghouse (@bgarlinghouse) December 10, 2024
Since Ripple’s entry into the stablecoin market was first announced in April, anticipation has been building, especially after private testing began on the XRP Ledger and Ethereum network in August.
This testing phase allowed Ripple to collaborate with selected partners to fine-tune RLUSD, ensuring its functionality and value proposition. The company’s strategy has been to make RLUSD accessible across various networks, promoting ease of use and broad adoption. Garlinghouse has emphasized the importance of vigilance among the crypto community, advising users to rely solely on official Ripple announcements to avoid potential scams.
This launch not only represents Ripple’s expansion into the stablecoin market but also underscores its commitment to regulatory compliance and security. With RLUSD, Ripple aims to enhance its offerings in cross-border payments, liquidity, and possibly in decentralized finance (DeFi) applications, leveraging its existing infrastructure and partnerships. This move could potentially position RLUSD as a competitor to established stablecoins like USDT and USDC, focusing on stability, trust, and utility.
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