The New York Department of Financial Services has approved Ripple’s RLUSD stablecoin for trading, as announced by the company’s CEO, Brad Garlinghouse.
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
He stated that listings on partner platforms will occur soon. The platforms include Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. Liquidity will be provided by market makers B2C2 and Keyrock.
Ripple announced the commencement of RLUSD stablecoin testing in August 2024. According to Garlinghouse, this asset, suitable for payments, RWA, and DeFi, will become the “gold standard for the corporate sector.”
With the stablecoin’s approval, Ripple will not abandon XRP. According to the company’s previous statements, both coins will be used for international payments.
Following the news, the price of XRP rebounded after a two-day downward trend, gaining over 10% within a few hours.
At the time of writing, the price stands at $2.327, with a market capitalization of $133.12 billion.
Earlier, on December 3, amid increased whale activity, the XRP rate reached a multi-year high of $2.909.