Ripple Secures Final NYDFS Approval for RLUSD Stablecoin Launch

Ripple has achieved a significant milestone with the final approval from the New York Department of Financial Services (NYDFS) to launch its stablecoin, Ripple USD (RLUSD). This announcement was made by Brad Garlinghouse, the CEO of Ripple, via a post on X on December 10, 2024.

Garlinghouse stated, “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.” The official Ripple X account also shared the news, highlighting the upcoming launch of the stablecoin.

The launch of RLUSD follows a period of regulatory scrutiny. Earlier this month, Ripple clarified that the stablecoin’s launch was pending NYDFS approval, dismissing speculation about an immediate launch. The company emphasized its commitment to launching under the supervision of NYDFS and upholding the highest regulatory standards.

RLUSD is designed to be pegged 1:1 to the US dollar and will be 100% backed by USD deposits, short-term US government treasuries, and other cash equivalents. The stablecoin has been in private beta since August and will be available on both the XRP Ledger and the Ethereum mainnet. Ripple has cautioned users to be vigilant and report any impersonations or scams related to the launch.

The entry of RLUSD into the market will see it compete with other major USD-pegged stablecoins, such as Tether’s USDT and Circle’s USDC. These stablecoins currently dominate the market, with USDT having a market cap of over $138 billion and USDC over $40 billion).