Author: Turner Wright, CoinTelegraph; Compiler: Deng Tong, Golden Finance
Ripple Labs CEO Brad Garlinghouse reported that after months of consideration, the New York Department of Financial Services (NYDFS) approved the company's RLUSD stablecoin.
In a Dec. 10 post, Garlinghouse said that Ripple will soon announce the list of exchanges and partners for RLUSD following NYDFS approval.The company launched its stablecoin initiative in April as a competitor to Tether's USDt and Circle's USD Coin.
Ripple CEO announces NYDFS approval of RLUSD stablecoin. Source: Brad Garlinghouse
Ripple executives speculate that by 2028, the market value of stablecoins could reach $2 trillion. The company began testing RLUSD on the XRP Ledger and Ethereum mainnet in August, and in October announced partnerships with exchanges including Maintain, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
Garlinghouse said in September that Ripple plans to focus RLUSD on institutional players.As of Dec. 10, the combined market capitalization of USDT and USDC was about $180 billion.
Like all USD stablecoins, RLUSD will be pegged 1:1 to the U.S. dollar. Ripple said in April that it plans to back the tokens with U.S. dollar deposits, short-term U.S. Treasury bills, and “other cash equivalents.”
In June, Ripple President Monica Long said that RLUSD will be "complementary and complementary" to XRP.
Garlinghouse appeared on the Dec. 8 episode of "60 Minutes" to discuss the cryptocurrency industry's role in influencing the 2024 U.S. election. Ripple is also engaged in an ongoing legal battle with the U.S. Securities and Exchange Commission over its XRP token offering.
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JinseFinanceNew York’s top cryptocurrency regulator, the New York Department of Financial Services (NYDFS), is about to approve the new stablecoin RLUSD issued by cross-border payment company Ripple Labs.
JinseFinanceRipple Labs’ RLUSD stablecoin, an over-collateralized digital currency pegged to the U.S. dollar, is close to receiving approval from the New York Department of Financial Services (NYDFS).
JinseFinanceRipple is intensifying the development of its RLUSD stablecoin, engaging in frequent minting across the Ethereum and XRP networks. Although still in testing, RLUSD is expected to play a key role in settlement solutions, operating alongside XRP within Ripple’s expanding ecosystem.
BerniceOn 4 April, Ripple unveiled plans to launch its own stablecoin, pegged 1:1 to the US dollar, alongside its existing cryptocurrency, XRP. This strategic initiative markets a significant milestone for the company as it seeks to bridge the gap between traditional finance (TradFi) and decentralised finance (DeFi).
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