Key Takeaways:
- Ripple’s RLUSD stablecoin received NYDFS approval and will soon debut with listings on exchanges and partner platforms.
- RLUSD is a USD-pegged stablecoin aiming to rival USDT and USDC, projected to reach a $2 trillion market cap by 2028.
- Ripple is testing RLUSD on XRP Ledger and Ethereum, emphasizing its role as a complement to the XRP ecosystem.
Ripple Labs CEO Brad Garlinghouse announced that the New York Department of Financial Services (NYDFS) has approved the RLUSD stablecoin, with launch details and partner listings expected soon.
RLUSD, introduced in April, aims to rival Tether’s USDT and Circle’s USDC in the USD-pegged stablecoin market.
$RLUSD is launching soon!
— Ripple (@Ripple) December 10, 2024
Stay vigilant and report any impersonations or scams. https://t.co/yqnAdBQSfW
Ripple projects a $2 trillion market capitalization for RLUSD by 2028, highlighting its testing on the XRP Ledger and Ethereum mainnets since August.
Partnerships with platforms like Uphold, Bitstamp, and MoonPay have been established to support its ecosystem.
RLUSD will maintain a 1:1 peg to the U.S. dollar, backed by USD deposits, Treasury bonds, and cash equivalents, complementing Ripple’s XRP ecosystem.
JUST IN: 🇺🇸 Ripple officially receives final approval from NYDFS for $RLUSD.
— Watcher.Guru (@WatcherGuru) December 10, 2024
Garlinghouse discussed the cryptocurrency sector’s potential influence on the 2024 U.S. elections during a recent 60 Minutes interview.
Amid RLUSD’s advancement, Ripple continues its legal battle with the SEC over XRP’s regulatory status.
The approval marks a significant milestone for Ripple, reinforcing its commitment to expanding its financial technology footprint and stablecoin adoption.
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