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Ripple's RLUSD Stablecoin Approved by NYDFS, Aims for $2 Trillion Market Cap

Dec 13, 2024, 05:30 PM

Ripple Labs has received regulatory approval from the New York Department of Financial Services (NYDFS) for its stablecoin RLUSD, which is pegged 1:1 to the US dollar and backed by low-risk assets like Treasury bonds and dollar deposits. The stablecoin has been in beta testing on the XRP Ledger and Ethereum blockchains since August, with plans for a full launch imminent. Ripple's CEO, Brad Garlinghouse, announced the approval and stated that RLUSD will soon be available on several exchanges and through various partnerships. Ripple aims for RLUSD to capture a significant portion of the stablecoin market, projecting a potential market capitalization of $2 trillion by 2028. The stablecoin's design focuses on institutional use cases, aiming to facilitate traditional financial instruments' tokenization on the blockchain.