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News - Ripple Stablecoin RLUSD gets approval
The Ripple Stablecoin Ripple USD (RLUSD) is about to be launched. An important regulatory hurdle is now behind us.
While Ethereum (ETH) is down 1.6 percent today, Ripple (XRP) is up 5 percent in 24 hours.
Behind this rise is the approval of Ripple's stablecoin RLUSD by the New York Department of Financial Services (NYDFS). However, as CEO Brad Garlinghouse reports on X, the stablecoin is not yet live: "We have received final approval from the NYDFS for RLUSD! Exchange and partner listings will go live soon [...]."
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.
— Brad Garlinghouse (@bgarlinghouse) December 10, 2024
With this move, the company enters direct competition with heavyweights such as Tether (USDT) and Circle (USDC). At the time of writing, the stablecoin market is worth $208 billion, of which $138 billion is represented by USDT alone.
Currently, RLUSD is still in the testing phase. The stablecoin will launch on both the Ripple Blockchain and Ethereum.
The US stock market watchdog SEC has repeatedly scrutinized the company. In an interview with "60 Minutes" Garlinghouse estimates the legal costs of the case at $150 million.
