David Edwards
After a lengthy assessment process, the New York Department of Financial Services (NYDFS) has formally certified Ripple Labs’ RLUSD stablecoin, the company’s CEO, Brad Garlinghouse, stated.
In a message posted on social media site X on December 10, Garlinghouse disclosed that Ripple intends to launch partner and exchange listings for RLUSD “soon”. The project was first unveiled in April as a direct rival to Circle’s USD Coin (USDC) and Tether (USDT).
Executives at Ripple anticipate that RLUSD will grow aggressively, with a possible market valuation of $2 trillion by 2028. In August, Ripple started testing the stablecoin on the Ethereum mainnet and XRP Ledger in order to support this objective. Leading exchanges such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish had formed strategic alliances with the company by October.
