New York’s Regulator Approves Ripple’s RLUSD Stablecoin

Ripple Labs has received the green light from the New York Department of Financial Services (NYDFS) for its RLUSD stablecoin. CEO Brad Garlinghouse confirmed the news on December 10 and announced that the company will soon announce partner and exchange listings for the asset.

RLUSD was first announced in April as a competitor to other stablecoins like Tether’s USDT and Circle’s USDC. By August, Ripple had begun testing the stablecoin on both the XRP Ledger and Ethereum mainnets.

In October, Ripple revealed partnerships with major exchanges such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. The company’s executives are optimistic that RLUSD could reach a market capitalization of $2 trillion by 2028.

In a recent update, Brad Garlinghouse, CEO of Ripple, shared the exciting news on X stating, “This just in…we have received final approval from NYDFS for RLUSD! Exchange and partner listings will be announced soon. And as a reminder, you’ll hear it from Ripple first when RLUSD goes live.”