Ripple has secured approval to launch its stablecoin Ripple USD (RLUSD). CEO Brad Garlinghouse pointed this out through a post on X.
Ripple plans to launch its stablecoin RLUSD soon after receiving final approval from the New York Department of Financial Services.
Ripple CEO Brad Garlinghouse confirmed this through a post on X on Tuesday, December 10, 2024.
“We have now…final approval for $RLUSD from NYDFS! The list of exchanges and partners will be published soon, but please note: Ripple will be the first to notify you when RLUSD goes public.” Garlinghouse posted.
Ripple The altcoin losses occurred as Bitcoin profits fell below $95,000 and most coins declined.
Ripple is approved by regulators
Earlier this month, Ripple dismissed reports that a stablecoin pegged to the US dollar would be launched. Rather, it confirmed that the official launch is pending regulatory approval from NYDFS.
Despite some speculation, $RLUSD will not launch today. We are aligned with NYDFS on final approval and will share updates as soon as possible.
We began our operations under the supervision of NYDFS and are committed to maintaining the highest regulatory standards. stay tuned…
— Ripple (@Ripple) December 4, 2024
In previous announcements about exchange and platform partners, Ripple named names such as Bitstamp, Uphold, CoinMENA, and Bullish.
Meanwhile, the company said RLUSD is pegged 1:1 to the US dollar and is 100% backed by US dollar deposits, short-term US government bonds and other cash equivalents. The stablecoin went public in August as a private beta and was released on both the XRP Ledger and Ethereum mainnet.
The company expects RLUSD to launch soon, but warns its users and the broader market to be wary of identity theft and fraud.
$RLUSD is coming soon!
Please be careful and report any identity theft or fraud. https://t.co/yqnAdBQSfW
— Ripple (@Ripple) December 10, 2024
Ripple announced plans to issue a stablecoin in April.
Once on the market, RLUSD will compete with the top USD-pegged stablecoins. The market leader in this space is Tether’s USDT, with a market capitalization of over $138 billion. The second largest, USDC, has a market capitalization of over $40 billion.
