Digital payment network Ripple's long-awaited RLUSD stablecoin has finally been approved by the New York Department of Financial Services (NYDFS) after months of review.
The New York Department of Financial Services (NYDFS) has granted approval for the launch of Ripple’s USD-denominated stablecoin, named RLUSD.
The approval, which comes after several months of anticipation and review, marks a significant milestone for Ripple as it expands its footprint in the rapidly evolving digital asset landscape.
In a recent post on X, Brad Garlinghouse, CEO of Ripple, confirmed the exciting news of RLUSD’s launch.
Announcing the integration of launch partners, Garlinghouse revealed that exchange and partner listings for RLUSD will be available shortly. Among the confirmed partners are Uphold and a network of cryptocurrency exchanges.
Earlier this year, rumors began circulating about the potential launch of a stablecoin by Ripple.
These speculations were further fueled in March when rumors swirled that the NYDFS was getting ready to greenlight the launch of a new stablecoin.
As the year progressed, rumors of the pending approval for Ripple’s money transfer platform, MoneyGram, to handle cryptocurrency transactions also emerged.
In July, the NYDFS announced the approval of the first installment of a new program designed to streamline the process of registering cryptocurrency companies operating within the state.
This move was seen as a key step towards facilitating the entry of companies like Uphold and Circle into the New York market.output:
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