New York's Dept. of Financial Services Grants Approval to Ripple’s RLUSD Stablecoin

TL;DR

• Ripple’s RLUSD stablecoin gains approval from the New York State Department of Financial Services.

• The company first announced plans to launch its stablecoin in April.

Ripple’s RLUSD Secures Approval in New York

Ripple CEO Brad Garlinghouse announced on Tuesday that the company’s RLUSD stablecoin has obtained approval from the New York State Department of Financial Services. While announcing this on X, Garlinghouse said, 

"This just in…we have final approval from [the New York State Department of Financial Services] for RLUSD. Exchange and partner listings will be live soon."

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.

— Brad Garlinghouse (@bgarlinghouse) December 10, 2024

This latest development comes a week after Ripple CTO David Schwartz said he hoped that RLUSD would be able to launch by the end of the year. He mentioned this while speaking at The Block's Emergence conference in Prague.

Ripple first announced its intentions to launch a stablecoin in April this year. At the time, the company said the stablecoin would initially be available on Ledger and Ethereum. Ripple began testing its RLUSD stablecoin in August and listed Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish as its exchange partners in October. Ripple also named B2C2 and Keyrock as market makers to support RLUSD’s liquidity. 

Its native XRP coin is the fourth-largest in the crypto space, with a market cap above $130 billion. XRP is up 5% in the last 24 hours and trades at $2.30 per coin.