Ripple Labs has recently announced that its newest stablecoin product, Ripple USD (RLUSD), has received final approval from the New York Department of Financial Services (NYDFS). This approval marks a significant milestone for Ripple as it prepares to launch its dollar-pegged crypto asset.
Brad Garlinghouse, the CEO of Ripple, shared the news on social media platform X, stating that the NYDFS has given the green light for RLUSD. He also mentioned that exchange and partner listings for RLUSD will be live soon, with Ripple being the first to announce its availability.
Originally scheduled for launch on December 4th, there is currently no official release date for RLUSD. However, Ripple reassures its community that the stablecoin will be rolled out “soon” and advises them to remain vigilant against impersonations or scams.
Despite the positive news of the approval, XRP, the digital asset associated with Ripple, saw a 5% decrease in value, trading at $2.43 at the time of writing. In November, Ripple had already secured exchange partnerships for RLUSD with popular crypto firms like Bitstamp and MoonPay.
The beta testing for RLUSD on the XRP Ledger and Ethereum mainnet began in August, following Ripple’s initial announcement of the stablecoin in April. However, the launch faced regulatory challenges when the U.S. Securities and Exchange Commission (SEC) classified RLUSD as an unregistered security in May.
Ripple Labs successfully won its lawsuit against the SEC in 2023, with the judge ruling that the company’s sales of XRP did not constitute security offerings. This legal victory paved the way for the approval of RLUSD by the NYDFS, solidifying Ripple’s position in the stablecoin market.
As Ripple gears up for the official launch of RLUSD, the crypto community eagerly awaits further updates on its release date and availability. Stay tuned for more news and developments from Ripple as they continue to innovate in the digital asset space.