Ripple received final approval for RLUSD, its new stablecoin

$XRP Ripple has made a significant breakthrough: The New York Department of Financial Services (NYDFS) has issued final approval for the issuance of the RLUSD stablecoin, positioning the company as a major player in the regulated stablecoin market.

RLUSD is not just another stablecoin on the market. Backed 1:1 to the US dollar, Ripple's new stablecoin is designed to directly compete with Circle USDC1.00 USD, currently the second-largest stablecoin with a market capitalization of $40 billion, trailing only the giant Tether USDT1.00 USD, whose market capitalization exceeds $138 billion.