Ripple’s USD-backed stablecoin, RLUSD, has received final approval from the New York Department of Financial Services (NYDFS).
The announcement was made by Ripple CEO Brad Garlinghouse via his X account.
This approval marks a significant milestone for Ripple as it ventures into the stablecoin market.
Ripple assures the public that any official updates regarding RLUSD’s availability will come directly from the company.
The stablecoin, first announced earlier this year, is set to be fully backed by a mix of US dollar deposits, short-term US government securities, and similar cash equivalents.
At launch, RLUSD will be integrated with both the XRP Ledger and the Ethereum blockchain, with future plans to expand its use across additional blockchains and the decentralised finance (DeFi) ecosystem.
The company also plans to maintain transparency through a rigorous auditing process conducted by an independent accounting firm and the release of monthly attestations.
Ripple has taken significant steps to prepare for the rollout, including acquiring Standard Custody & Trust Company, a New York-licensed trust company, and appointing Jack McDonald, Standard Custody’s CEO, to lead the stablecoin initiative.
Featured image credit: Edited from Freepik
