Ripple Launches RLUSD Stablecoin, Mints 4.5 Million, Awaits NYDFS Approval

Oct 15, 2024, 12:45 PM

Ripple has announced the launch of its new USD-denominated stablecoin, RLUSD, which is designed to facilitate real-time global payments and enterprise use cases. The company has minted 4.5 million RLUSD within 24 hours and is awaiting regulatory approval from the New York Department of Financial Services (NYDFS). Ripple has partnered with several exchanges and platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. Market makers B2C2 and Keyrock will provide liquidity support for RLUSD. Ripple president Monica Long stated that RLUSD is operationally ready. Ripple aims to challenge existing stablecoins like Tether and USDC in the competitive market.