Ripple has received final approval for its stablecoin, RLUSD, from the New York Department of Financial Services, CEO Brad Garlinghouse has confirmed.
RLUSD is a stablecoin backed 1:1 by the US dollar through dollar deposits and safe assets, similar to the model used by Tether. The coin targets the US market and wants to compete with Circle's USDC.
It has been tested on the XRP Ledger and Ethereum networks and is to be released on major cryptocurrency exchanges. Ripple hopes to improve cross-border payments by integrating RLUSD and XRP.