Ripple has reached a major milestone as the New York Department of Financial Services (NYDFS) has officially approved the RLUSD stablecoin.
Ripple CEO Brad Garlinghouse announced the news on Twitter, confirming that RLUSD will soon be listed on exchanges and partners. He also emphasized that any updates regarding the stablecoin’s launch will be announced through Ripple’s official channels.
This approval marks a major step forward for Ripple, opening the door for RLUSD to make a major impact in the burgeoning stablecoin market.
Stablecoins are digital assets that are pegged to stable financial instruments such as fiat currencies and are increasingly recognized as a game-changing force in the payments space.
With RLUSD, Ripple aims to capitalize on this trend by providing a secure, regulated, and scalable solution for both businesses and consumers.
Ripple’s Vision for RLUSD
In a recent interview with CNBC, Ripple President Monica Long shared the company’s ambitions for RLUSD. She identified the stablecoin market as a high-growth sector with huge potential.
Currently, the global stablecoin market is worth around $1 billion and is expected to surpass $3 trillion in the next few years. Long explained that this expansion is driven by the growing demand for stablecoins for cross-border payments and remittances.
