Ripple Labs, the company behind XRP, has received final approval from the New York State Department of Financial Services (NYDFS) for its stablecoin, RLUSD. CEO Brad Garlinghouse made the announcement, marking a significant milestone for the company. RLUSD is a USD-backed stablecoin designed with 1:1 backing by US dollars, short-term government treasuries, and cash equivalents.
Its aim is to challenge USDC’s dominance in the US market. RLUSD is set to be listed on major crypto exchanges. Ripple’s progress with RLUSD and broader initiatives are indicative of the company’s growing influence in the digital asset space.
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<p>The post NYDFS Approves Ripple’s Stablecoin: XRP Gains Momentum first appeared on CoinBuzzFeed.</p>
