#XRP spikes 20% following Ripple’s announcement on the New York Department of Financial Services (NYDFS) approval for its RLUSD stablecoin. 

Brad Garlinghouse, the company’s CEO, first disclosed the development in a December 10 X post.

Notably, the NYDFS finally approved the stablecoin for launch after months of consideration. Ripple has been pushing to secure the regulator’s greenlight over the past few months. 

It took several steps to facilitate the approval process, including acquiring Standard Custody & Trust Company, which operates under an NYDFS limited-purpose charter. 

Upcoming Launch of RLUSD 

The latest move paves the way for the mainnet launch of RLUSD, which could happen at any time. In the X post, Garlinghouse revealed that the company will soon announce the exchange and partner listing of the stablecoin. 

Ripple has already collaborated with top exchanges to prepare for RLUSD’s upcoming listing. These include Uphold, Bitstamp, CoinMENA, Bullish, MoonPay, Bitso, and Independent Reserve. 

While RLUSD will initially list on these platforms, Ripple plans to extend its support to more exchanges in the future. 

#Crypto