New York Approves Ripple’s RLUSD Stablecoin
The CEO of Ripple Labs, Brad Garlinghouse, has announced that the New York Department of Financial Services (NYDFS) has approved the company’s stablecoin, RLUSD, after a long review process.
In a post on Dec. 10, Garlinghouse stated that Ripple will soon reveal which exchanges and partners will support RLUSD now that the NYDFS has given its approval. The company had initially announced its plans for the stablecoin back in April, as a direct competitor to Tether’s USDT and Circle’s USD Coin.
Ripple’s leadership team has estimated that RLUSD could reach a market capitalization of $2 trillion by 2028. In August, the company began testing RLUSD on both the XRP ledger and the Ethereum mainnet.
In October, Ripple announced partnerships with several exchanges including Uphold, Bitstamp, Bitso, and Bullish. Garlinghouse had previously stated in September that RLUSD would primarily target institutional players.
