stablecoins

Ripple’s Stablecoin RLUSD Approved by New York Regulator

Ripple’s stablecoin, RLUSD, has been approved by the New York Department of Financial Services (NYDFS). This marks Ripple’s entry into the stablecoin market.

Key details:

➡ RLUSD will be backed by US dollars, short-term government securities, and similar assets.

➡ It will launch on the XRP Ledger and Ethereum, with plans to expand to more blockchains and DeFi platforms.

➡ Independent audits and monthly reports will ensure transparency.

Ripple has acquired Standard Custody & Trust Company to support the rollout. Its CEO, Jack McDonald, will lead the project.

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https://fintechnews.sg/105138/digitalassets/ripple-stablecoin-approval/#:~:text=Ripple%27s%20USD%2Dbacked%20stablecoin%2C%20RLUSD,of%20Financial%20Services%20(NYDFS).&text=The%20announcement%20was%20made%20by,ventures%20into%20the%20stablecoin%20market.



