Official press releases from Ripple and the partnering bank

Ripple's RLUSD Stablecoin Gets NYDFS Approval, XRP Surges 10% to $2.75

Dec 10, 2024, 08:01 PM

Ripple has received final approval from the New York Department of Financial Services (NYDFS) to launch its stablecoin, RLUSD, pegged to the U.S. dollar. CEO Brad Garlinghouse confirmed that exchange and partner listings will go live soon. This development is expected to reshape the stablecoin market, with RLUSD potentially impacting the forecasted $2 trillion stablecoin market by 2028. The news has led to a notable increase in XRP's market value, with the cryptocurrency rising by 10% to $2.75 following the announcement. Ripple has also issued a warning to investors to stay vigilant against scams related to RLUSD.