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Ripple's RLUSD Stablecoin Nears NY Approval, Ethereum-Compatible, Launch Set for Dec. 4

Nov 30, 2024, 01:14 AM

Ripple's stablecoin, RLUSD, is nearing approval from the New York Department of Financial Services (NYDFS), with a launch date reportedly set for December 4. The stablecoin, designed for institutional settlement and cross-border payments, will operate under New York's stringent regulatory framework. RLUSD is overcollateralized, compatible with Ethereum, and will be integrated with Ripple's XRP Ledger, positioning it as a competitor to existing stablecoins such as Tether (USDT) and USD Coin (USDC). The approval marks a significant step for Ripple in entering the regulated U.S. digital finance market, with potential support from Trump's crypto-friendly policies.