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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 <a data-ct-non-breakable="null" href="https://x.com/bgarlinghouse/status/1866571228464460215" rel="null" target="null" text="null" title="null">said</a> Ripple would soon announce exchange and partner listings for RLUSD after the NYDFS approval. The company <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ripple-announces-stablecoin-launch" rel="" target="_self" text="null" title="https://cointelegraph.com/news/ripple-announces-stablecoin-launch">launched plans for the stablecoin</a> in April as a competitor to Tether’s USDt (<a data-ct-non-breakable="null" href="https://cointelegraph.com/tether-price-index" rel="null" target="null" text="null" title="null">USDT</a>) and USD Coin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/usdc-price-index" rel="null" target="null" text="null" title="null">USDC</a>) from Circle.
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 <img alt="Ripple, XRP, New York, Cryptocurrency Exchange, Stablecoin" src="https://s3.cointelegraph.com/uploads/2024-12/0193b265-7467-797b-a9e6-855cf456f433" title="">
 <figcaption style="text-align: center;">
 Ripple CEO announcing NYDFS approval for RLUSD stablecoin. Source: <a data-ct-non-breakable="null" href="https://x.com/bgarlinghouse/status/1866571228464460215" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/bgarlinghouse/status/1866571228464460215">Brad Garlinghouse</a>
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Ripple executives speculated the stablecoin could reach a market capitalization of $2 trillion by 2028. The company <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ripple-begins-testing-rlusd-stablecoin-mainnet" rel="null" target="null" text="null" title="null">began testing RLUSD</a> 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.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ripple-rlusd-stablecoin-launch-2024" rel="null" target="null" text="null" title="https://cointelegraph.com/news/ripple-rlusd-stablecoin-launch-2024">Ripple’s RLUSD stablecoin: Here’s what you need to know before launch</a>
Garlinghouse said in September that Ripple planned to have RLUSD focus on institutional players. As of Dec. 10, the combined market capitalization of USDT and USDC was roughly $180 billion.
<h2 id="how-will-ripple-handle-both-xrp-and-rlusd">How will Ripple handle both XRP and RLUSD?</h2>
Like all USD stablecoins, RLUSD will be pegged at 1:1 with the US dollar. Ripple said in April it planned to back the tokens with USD deposits, short-term US Treasury bonds, and “other cash equivalents.”&nbsp;
In June, Ripple president Monica Long said that RLUSD would be “complementary and additive” to XRP. Cointelegraph contacted the NYDFS for confirmation of the approval but did not receive a response at the time of publication.<iframe width="100%" height="315" src="https://www.youtube.com/embed/fdPmjHtQ5aM" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
Garlinghouse <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ripple-brad-garlinghouse-60-minutes-xrp-security" rel="null" target="null" text="null" title="null">appeared in a </a><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ripple-brad-garlinghouse-60-minutes-xrp-security" rel="null" target="null" text="null" title="null">60 Minutes</a><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ripple-brad-garlinghouse-60-minutes-xrp-security" rel="" target="_self" text="null" title="https://cointelegraph.com/news/ripple-brad-garlinghouse-60-minutes-xrp-security"> segment</a> 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 (<a data-ct-non-breakable="null" href="https://cointelegraph.com/xrp-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/xrp-price-index">XRP</a>) token offerings.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/real-risks-ethena-stablecoin-model-not-ones-you-think/" rel="null" target="null" text="null" title="null">The real risks to Ethena’s stablecoin model (are not the ones you think)</a>

NY regulator approves Ripple’s RLUSD stablecoin — Brad Garlinghouse

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