New York Department of Financial Services official releases

Ripple Launches RLUSD Stablecoin Today, Approved by NYDFS

Dec 4, 2024, 01:34 PM

Ripple Labs is set to launch its new USD-denominated stablecoin, Ripple USD (RLUSD), today, following approval by the New York Department of Financial Services (NYDFS). The company has been actively testing the stablecoin, minting nearly 10 million tokens on the XRP Ledger and an additional 40 million on Ethereum. This move aligns with Ripple's broader strategy to expand its offerings and potentially secure a NYDFS license. The crypto community has shown significant interest, with RLUSD gaining over 1,000 trustlines in its debut hours. Additionally, Justin Sun has teased the launch of RLUSD on the Tron network, indicating a multi-platform approach for the stablecoin.