December 13, 2024
By Our Correspondent
Ripple’s USD-backed stablecoin, RLUSD, has obtained final authorization from the New York Department of Financial Services (NYDFS).
The announcement was shared by Ripple CEO Brad Garlinghouse on his X account.
This endorsement represents a pivotal achievement for Ripple as it enters the stablecoin sector.
Ripple has assured the public that any official communications regarding the availability of RLUSD will be issued directly by the company.
Initially revealed earlier this year, the stablecoin will be fully supported by a combination of US dollar deposits, short-term US government securities, and similar cash equivalents.
Upon its launch, RLUSD will be integrated with both the XRP Ledger and the Ethereum blockchain, with intentions to broaden its application across additional blockchains and the decentralized finance (DeFi) ecosystem in the future.
The company also intends to uphold transparency through a comprehensive auditing process carried out by an independent accounting firm, along with the issuance of monthly attestations. Ripple has taken significant steps to prepare for the rollout, including acquiring Standard Custody & Trust Company, a New York-licensed trust company, and appointing Jack McDonald, Standard Custody’s CEO, to lead the stablecoin initiative.
