Ripple Labs’ newest stablecoin product has received final approval from a prominent New York regulator.
In a post on the social media platform X, Ripple chief executive Brad Garlinghouse says that Ripple USD (RLUSD) – the firm’s new dollar-pegged crypto asset – has been approved by the New York Department of Financial Services (NYDFS).
“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.”
Ripple originally planned to launch RLUSD on December 4th. However, as of now, there is no official release date for the stablecoin, though Ripple says it’s rolling it out “soon.”
“RLUSD is launching soon! Stay vigilant and report any impersonations or scams.”
News of the approval had little impact on XRP, the digital asset associated with Ripple, as it is for $2.43 at time of writing, a 5% decrease during the last 24 hours.
In November, the payments platform announced exchange partnerships for RLUSD, including popular crypto firms Bitstamp and MoonPay.
In August, Ripple kicked off beta testing for the stablecoin on the XRP Ledger and the Ethereum (ETH) mainnet.
Ripple first announced its intentions to launch RLUSD in April. However, about a month later, the U.S. Securities and Exchange Commission (SEC) – which sued Ripple in 2020 for allegedly selling unregistered securities – said that RLUSD also qualifies as an unregistered security.
Ripple Labs won its lawsuit against the SEC in 2023 when the judge in the case ruled that the company’s automated, open-market sales of XRP did not constitute security offerings.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Ripple CEO Brad Garlinghouse Says Stablecoin RLUSD Has Received Final Approval From New York Regulators appeared first on The Daily Hodl.
