Ripple has secured approval from the New York Department of Financial Services (NYDFS) for the anticipated launch of its dollar-backed stablecoin, RLUSD.
This stablecoin will be available on both the XRP Ledger and the Ethereum blockchain, facilitating instant payments, fiat-to-crypto conversions, and the tokenization of real-world assets. The NYDFS’s endorsement represents a significant milestone for Ripple, bolstering its efforts to expand its presence in the United States and compete with traditional banking payment networks.
Brad Garlinghouse, CEO of Ripple, stated, “With approval from New York state regulators, RLUSD is now poised for integration by U.S. financial institutions, offering them a secure and scalable solution for cross-border payments.”
Upon its launch, RLUSD will be accessible globally to institutions and users through major exchanges and platforms such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. Additionally, notable market makers like B2C2 and Keyrock have joined the initiative to enhance liquidity and promote widespread adoption.