Ripple has won approval from the New York Department of Financial Services for the upcoming launch of its dollar-backed stablecoin RLUSD.
RLUSD will launch on the XRP Ledger and Ethereum blockchain, offering support for instant payments, fiat to crypto conversion and the tokenization of real-world assets.
The NYDFS approval marks a significant milestone for Ripple supporting its expansion in the US and its challenge to traditional bank payment networks.
Brad Garlinghouse, Ripple CEO, says: “With approval from New York state regulators, RLUSD is now ready for US financial institutions to integrate, bringing them a secure and scalable solution for cross-border payments.”
At launch, RLUSD will be available globally for institutions and users on major global exchanges and platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. Market makers, such as B2C2 and Keyrock, have also been brought onboard to drive liquidity and encourage broader adoption.