Ripple Labs’ newest stablecoin product has received final approval from a prominent New York regulator.
In a post on the social media platform X, Ripple chief executive Brad Garlinghouse says that Ripple USD (RLUSD) – the firm’s new dollar-pegged crypto asset – has been approved by the New York Department of Financial Services (NYDFS).
“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.”
Ripple originally planned to launch RLUSD on December 4th. However, as of now, there is no official release date for the stablecoin, though Ripple says it’s rolling it out “soon.”
“RLUSD is launching soon! Stay vigilant and report any impersonations or scams.”
News of the approval had little impact on XRP, the digital asset associated with Ripple, as it is for $2.43 at time of writing, a 5% decrease during the last 24 hours.
In November, the payments platform announced exchange partnerships for RLUSD, including popular crypto firms Bitstamp and MoonPay.
In August, Ripple kicked off beta testing for the stablecoin on the XRP Ledger and the Ethereum (ETH) mainnet.
Ripple first announced its intentions to launch RLUSD in April. However, about a month later, the U.S. Securities and Exchange Commission (SEC) – which sued Ripple in 2020 for allegedly selling unregistered securities – said that RLUSD also qualifies as an unregistered security.
Ripple Labs won its lawsuit against the SEC in 2023 when the judge in the case ruled that the company’s automated, open-market sales of XRP did not constitute security offerings.
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