Ripple Labs is set to fortify its footprint in the cryptocurrency sector with the imminent approval of its new RLUSD stablecoin by the New York Department of Financial Services (NYDFS). The anticipated approval, reported by Fox Business on November 29, suggests that the RLUSD could debut as early as December 4.
The RLUSD stablecoin, which is pegged to the dollar and overcollateralized, was first revealed in April 2024 as part of Ripple’s strategy to compete with major players like USD Coin and Tether. Ripple has emphasized its RLUSD’s stable foundation, backed by rigorous, regular third-party audits and transparent monthly reporting on its cash reserves.
Despite concerns among XRP holders regarding the company’s focus post-stablecoin launch, Ripple has reiterated its commitment to the XRP ecosystem. According to Ripple Labs, the stablecoin will leverage the existing XRP ledger and Ethereum mainnet for initial tests, with plans to expand to additional blockchains later.
Partnering with notable exchanges such as Uphold and Bitstamp, Ripple aims to ensure widespread availability and robust liquidity for RLUSD. The company also underscores its regulatory compliance, adhering to its New York Trust Company Charter standards, positioning itself as a responsible entity in the evolving crypto landscape.
