NY financial regulator approves Ripple stablecoin — Brad Garlinghouse
2024-12-11
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Ripple Labs CEO Brad Garlinghouse has reported that the New York Department of Financial Services (NYDFS) approved the firm’s RLUSD stablecoin after months of consideration.
In a Dec. 10 X post, Garlinghouse said Ripple would “soon” announce exchange and partner listings for RLUSD after the NYDFS approval. The company launched plans for the stablecoin in April as a competitor to Tether USDTUSD and USD Coin USDCUSD from Circle.
Ripple executives speculated the stablecoin could reach a market capitalization of $2 trillion by 2028. The company began testing RLUSD on the XRP ledger and Ethereum mainnets in August and announced partnerships with exchanges, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA and Bullish, in October.
Garlinghouse appeared in a 60 Minutes segment that aired on Dec. 8 to discuss the cryptocurrency industry’s role in influencing the 2024 United States election. Ripple is also engaged in an ongoing legal battle with the US Securities and Exchange Commission over XRP token offerings.
This is a developing story, and further information will be added as it becomes available.