2024

USDC

Coin

Ripple Labs, under the leadership of CEO Brad Garlinghouse, has achieved a significant milestone as the New York Department of Financial Services (NYDFS) approved the company's RLUSD stablecoin. This decision follows several months of careful consideration by the regulatory body. Ripple is now poised to announce exchange and partner listings for RLUSD, potentially reshaping the stablecoin market landscape. 
On December 10th, Garlinghouse <a href="https://cointelegraph.com/news/new-york-regulator-ripple-rlusd-stablecoin-approval">communicated</a> through an X post that the NYDFS approval clears the way for RLUSD to be competitive against major stablecoins like Tether's <a href="https://yellow.com/asset/usdt">USDT</a> and Circle's USD Coin (<a href="https://yellow.com/asset/usdc">USDC</a>). The company initially launched plans for the stablecoin in April, aiming to establish a strong foothold in the growing market. 
Ripple's management has projected that RLUSD could achieve a market capitalization of up to $2 trillion by 2028. Testing for RLUSD began in August on the XRP ledger and Ethereum mainnets. Subsequently, partnerships were announced in October with notable exchanges including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. 
In September, Garlinghouse noted that Ripple's strategy for RLUSD is directed primarily at institutional investors. As of the latest data on December 10th, the combined market capitalization of USDT and USDC stands at approximately $180 billion. 
How will Ripple manage the dynamics between XRP and RLUSD? 
Similar to other USD stablecoins, RLUSD will maintain a 1:1 peg with the US dollar. Ripple disclosed in April its intention to back the tokens with USD deposits, short-term US Treasury bonds, and various cash equivalents. 
Ripple President Monica Long stated in June that RLUSD would complement and enhance XRP's offerings. Despite queries, Cointelegraph did not receive verification from the NYDFS at the publication time. 
Garlinghouse also appeared in a segment on "60 Minutes" aired on December 8th, discussing cryptocurrency's potential influence in the 2024 United States election. Moreover, Ripple remains embroiled in an ongoing legal dispute with the US Securities and Exchange Commission (SEC) concerning XRP token offerings.

Ripple Secures New York State Approval for RLUSD Stablecoin Launch

Yellow News

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