Ripple has received final approval from the New York Department of Financial Services (NYDFS) to launch its RLUSD stablecoin, CEO Brad Garlinghouse announced.
RLUSD is a stablecoin backed 1:1 by the dollar, with collateral including cash deposits and short-term US Treasury bonds, making its structure similar to Tether.
The new currency aims to penetrate the US market and compete with Circle's stablecoin USDC, which currently ranks second globally with a market cap of $40 billion.
RLUSD will primarily be targeted towards large institutions, with plans to soon be listed on cryptocurrency exchanges.
RLUSD was tested on the XRP Ledger and Ethereum networks earlier this year, and is now ready to launch on Ripple’s partner platforms.
The announcement sent the value of the cryptocurrency XRP up 10%, continuing its 400% growth momentum since the US election.
It has surpassed Solana to become the fourth largest crypto asset by market cap.
Through RLUSD and XRP, Ripple seeks to enhance cross-border payment solutions and expand its influence in the cryptocurrency sector.
Ripple’s Stablecoin RLUSD Receives Final Approval from New York Financial Services Authority (NYDFS)
Ripple has received final approval from the New York Department of Financial Services (NYDFS) to launch its RLUSD stablecoin, CEO Brad Garlinghouse announced.
RLUSD is a stablecoin backed 1:1 by the dollar, with collateral including cash deposits and short-term US Treasury bonds, making its structure similar to Tether.
The new currency aims to penetrate the US market and compete with Circle's stablecoin USDC, which currently ranks second globally with a market cap of $40 billion.
RLUSD will primarily be targeted towards large institutions, with plans to soon be listed on cryptocurrency exchanges.
RLUSD was tested on the XRP Ledger and Ethereum networks earlier this year, and is now ready to launch on Ripple’s partner platforms.
The announcement sent the value of the cryptocurrency XRP up 10%, continuing its 400% growth momentum since the US election, overtaking Solana to become the fourth-largest crypto asset by market cap.
Through RLUSD and XRP, Ripple seeks to enhance cross-border payment solutions and expand its influence in the cryptocurrency sector.
