According to Ripple CEO Brad Garlinghouse, the New York financial regulator has "given the green light" for the company's RLUSD stablecoin to be listed on exchanges.
Ripple Labs CEO Brad Garlinghouse announced that the New York Department of Financial Services (NYDFS) has approved the company's RLUSD stablecoin after months of review.
In a post on X on December 10, Garlinghouse said Ripple will soon announce the exchanges and partners that will list RLUSD after its approval by NYDFS. The company had unveiled plans for this stablecoin in April, aiming to compete with Tether's USDT and Circle's USD Coin.
Ripple's leaders predict RLUSD could reach a market capitalization of $2 trillion by 2028. The company began testing RLUSD on the XRP Ledger and Ethereum Primary Network in August, and announced partnerships with exchanges like Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish in October.
Garlinghouse said in September that Ripple plans to target RLUSD at large institutions.
Like all other USD stablecoins, RLUSD will be pegged 1:1 to the US dollar. Ripple said in April that they will back the token's value with US dollar deposits, short-term US Treasury bonds, and "other cash-equivalent assets".
Garlinghouse also appeared in a 60 Minutes segment on December 8 to discuss the role of the cryptocurrency industry in the 2024 US election. Ripple is also in an ongoing legal battle with the US Securities and Exchange Commission (SEC) over the issuance of XRP tokens.
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The article New York regulator approves Ripple's RLUSD stablecoin first appeared on CoinMoi.
