Ripple Gets NY Approval for RLUSD Stablecoin

Ripple’s CEO, Brad Garlinghouse, announced the big news on X this Tuesday.

The green light from NYDFS is another feather in Ripple’s cap. This marks a major win for the blockchain company as it closes out a stellar year. Let’s discover more about RLUSD.

A Comeback Story

After years of legal battles with the SEC, Ripple turned the tide in 2024. Its native cryptocurrency, XRP , climbed to the fourth-largest market cap worldwide. Over the past month alone, XRP has skyrocketed by over 200%. Ripple’s decision to launch RLUSD is part of its strategy to grow its ecosystem.

This approval opens doors for RLUSD in New York, one of the world’s biggest financial hubs. Ripple’s success is a reminder that “every cloud has a silver lining,” as the company continues to bounce back stronger than ever.

This just in…we have final approval from @NYDFS for $RLUSD ! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from @Ripple first.

— Brad Garlinghouse (@bgarlinghouse) December 10, 2024

Ripple’s Global Impact

This success isn’t limited to the U.S. On the international stage, the company has been making waves in BRICS nations like India and Russia. Just last month, Russia passed a major crypto regulation bill recognizing XRP and other cryptocurrencies. The legislation also introduced a taxation framework, providing clarity for digital asset users in the country.

‼️XRP 🤝 RUSSIA‼️

Russia’s potential pathway to accessing XRP aligns with its integration into global financial standards and the adoption of innovative payment systems.👇

1. Russia’s Adoption of ISO 20022: As Russia transitions to ISO 20022, the global standard for electronic… https://t.co/yQPLUXEQNX pic.twitter.com/VHXVhWzDOM

— SMQKE (@SMQKEDQG) December 9, 2024

Meanwhile, the Reserve Bank of India (RBI) announced a partnership with Ripple Labs to support the country’s virtual Rupee initiative. These moves highlight Ripple’s growing influence in the global financial world, proving it’s a force to be reckoned with.

What’s Next for RLUSD?

Ripple’s RLUSD stablecoin has been ready for launch for some time, and approval from NYDFS could pave the way for its rollout in New York and beyond. Stablecoins like RLUSD offer a reliable way to trade and store value, bridging the gap between traditional finance and blockchain technology.

With RLUSD set to debut in one of the most influential markets, Ripple continues to show it’s not afraid to “go the extra mile.” The company’s ability to innovate while staying ahead of legal and regulatory challenges puts it in a prime position to shape the future of finance.

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