Ripple Labs has achieved a key milestone in its expansion into the cryptocurrency market. According to Ripple CEO Brad Garlinghouse, the New York Department of Financial Services (NYDFS) has officially approved the RLUSD stablecoin, marking a significant step in the company’s plans to compete with giants like Tether (USDT) and Circle’s USD Coin (USDC).
Release details and expectations
In a post on X on Dec. 10, Garlinghouse confirmed that Ripple will soon announce exchanges and partners that will support RLUSD. Plans for the stablecoin, revealed in April, have progressed significantly with testing taking place on the XRP Ledger and Ethereum mainnets since August.
This just in…we have final approval from @NYDFS for $RLUSD ! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you'll hear it from @Ripple first.
Ripple has already established strategic partnerships with exchanges such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish, ensuring a robust ecosystem for RLUSD. The company's executives project that this stablecoin could reach a market capitalization of $2 trillion by 2028.
Ripple and the impact on the market
The NYDFS approval positions RLUSD as a direct competitor in the growing stablecoin market. This development not only reinforces Ripple’s credibility but also strengthens its role in the digital asset ecosystem at a crucial time.
Context and legal challenges
The achievement comes amid an ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) over XRP token offerings. Additionally, Garlinghouse recently highlighted, in a 60 Minutes segment , the role of cryptocurrencies in influencing the 2024 U.S. presidential election, underscoring the strategic importance of digital assets in the global financial and political landscape.
With the approval of RLUSD and the implementation of key partnerships, Ripple continues to establish itself as an innovative leader in the cryptocurrency industry, successfully navigating both regulatory challenges and market opportunities.
The future of RLUSD
The introduction of RLUSD promises to offer new opportunities for users and businesses looking for more agile and global financial solutions.
Ripple, with its strategic vision, is well positioned to capture a significant portion of the stablecoin market, while redefining the future of digital finance.
