Ripple Labs’ latest stablecoin product has received final approval from a prominent New York regulator.
In a post on social media platform
“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 from Ripple first.”
Ripple originally planned to launch RLUSD on December 4. However, at this time there is no official release date for the stablecoin, although Ripple says it will be rolled out “soon.”
“RLUSD is launching soon! Please remain 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 priced at $2.43 at the time of writing, down 5% in the past 24 hours.
In November, the payment platform announced exchange partnerships for RLUSD, including popular crypto companies Bitstamp and MoonPay.
In August, Ripple started beta testing the stablecoin on the XRP Ledger and the Ethereum (ETH) mainnet.
Ripple first announced its intention to launch RLUSD in April. About a month later, the US 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 sale of XRP did not constitute a security offering.
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Generated image: Midjourney