Ripple's RLUSD Stablecoin Nears NYDFS Approval, Set for December 4 Launch

Nov 29, 2024, 09:41 PM

Ripple, a cross-border payments company, is on the verge of receiving approval from the New York Department of Financial Services (NYDFS) for its stablecoin, RLUSD. This approval would allow Ripple to enter New York's regulated digital finance market, marking a significant step towards broader adoption of its cryptocurrency solutions. The stablecoin is expected to launch on December 4, aiming to facilitate cross-border payments and remittances with blockchain technology. RLUSD will be exclusively available on the XRP Ledger, positioning Ripple to compete with other major stablecoins like USDT and USDC in the institutional settlement space.