Ripple’s stablecoin, RLUSD, has received the final approval from the New York Department of Financial Services (NYDFS), announced CEO Brad Garlinghouse.
“Just got the final nod from NYDFS for RLUSD. Listings on exchanges and with partners coming soon,” – tweeted Garlinghouse on X.
Last week, Ripple’s CTO David Schwartz at the Emergence conference in Prague said he expects RLUSD to launch by the end of 2024.
Ripple announced in April plans to release the RLUSD stablecoin, which will initially be available on Ledger and Ethereum platforms. The launch of Ripple’s stablecoin was expected to occur on December 4th, according to reports.
Testing of RLUSD began in August this year. In October, Ripple announced its partners for the stablecoin launch including exchanges like Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. The liquidity market will be supported by B2C2 and Keyrock.
Key Features of RLUSD
- Cross-border payments: fast and efficient transfers between countries.
- Bridge between fiat and crypto: facilitates the exchange of traditional currency for digital assets.
- Liquidity support: used as collateral for goods and securities.
XRP Reacts with a Rise
Amid this news, despite a tough correction in the crypto market, XRP price responded with an increase to $2.38, market capitalization also increased to $136.12 billion (+9.96%), and trading volume over the last 24 hours rose by 13.94% to $24.25 billion.
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