Ripple’s USD-denominated stablecoin, RLUSD, has received final approval from the New York Department of Financial Services (NYDFS).
of announcement It was created by Ripple CEO Brad Garlinghouse via his X account.
This approval marks an important milestone for Ripple in its entry into the stablecoin market.
Ripple assures the public that all official updates regarding the availability of RLUSD will come directly from the company.
First stablecoin announced It will be fully backed by a combination of U.S. dollar deposits, U.S. Treasury bills and similar cash equivalents early this year.
RLUSD will be integrated into both the XRP Ledger and Ethereum blockchains at launch, and plans to expand its use across additional blockchains and decentralized finance (DeFi) ecosystems in the future.
The company also plans to maintain transparency through a rigorous audit process by an independent accounting firm and publication of monthly certifications.
Ripple has taken the following important steps toward deployment: get Standard Custody & Trust Company, a New York-chartered trust company, has appointed Jack McDonald, CEO of Standard Custody, to lead its stablecoin initiative.
Featured image credit: Edited from freepic
