- Ripple has secured approval to launch its Ripple USD stablecoin (RLUSD).
- CEO Brad Garlinghouse confirmed the approval in a post on X.
Ripple will soon introduce its RLUSD stablecoin after receiving final approval from the New York Department of Financial Services (NYDFS). Brad Garlinghouse, Ripple’s CEO, confirmed the approval in a post on X on Tuesday, December 10, 2024.
“This just in… we have final approval from the NYDFS for $RLUSD! Exchange and partner listings will go live soon — and reminder: when RLUSD is live, you’ll hear it first from Ripple,” Garlinghouse wrote.
Ripple’s official X account also shared news about the upcoming stablecoin launch. The announcement came as XRP appeared to be recovering above $2. Market-wide losses affected many altcoins as Bitcoin pulled gains back to below $95,000 and most tokens traded lower.
Regulatory approval for Ripple
Earlier this month, Ripple pushed back against reports that RLUSD had already launched, clarifying that the official release was awaiting regulatory sign-off from the NYDFS.
Despite some speculation, $RLUSD isn’t launching today. We’re in lockstep with the NYDFS on final approval and will share updates as soon as possible.
We are fully committed to launching under the supervision of NYDFS and upholding the highest regulatory standards. Stay tuned…
— Ripple (@Ripple) December 4, 2024
In an earlier announcement about exchange and platform partners, Ripple named Bitstamp, Uphold, CoinMENA and Bullish. The company said RLUSD will be pegged 1:1 to the U.S. dollar and fully backed by 100% USD deposits, short-term U.S. government treasuries and cash equivalents.
The stablecoin entered a private beta in August, launching on both the XRP Ledger and the Ethereum mainnet. While Ripple expects RLUSD to launch imminently, it has warned users and the broader market to remain vigilant against impersonation attempts and scams.
$RLUSD is launching soon!
Stay vigilant and report any impersonations or scams.
— Ripple (@Ripple) December 10, 2024
Ripple announced plans to launch the dollar-pegged stablecoin in April. RLUSD’s market entry will position it to compete with the largest USD-pegged stablecoins. The current market leader is Tether’s USDT, with a market capitalization exceeding $138 billion, followed by USDC with a market capitalization of over $40 billion.