Ripple CEO Brad Garlinghouse said the firm has secured approval from the New York State Department of Financial Services (NYDFS) to launch its Ripple USD (RLUSD) stablecoin. Garlinghouse made the announcement in a Dec. 11 social media post and added that the token will be live soon. The NYDFS was initially slated to approve the stablecoin on Dec. 4, but “unexpected developments” delayed the launch.
Ripple said it remains committed to launching the stablecoin under the regulator’s supervision. Notably, New York requires crypto firms offering services to state residents to get a BitLicense or a limited-purpose trust company charter from the NYDFS. The stablecoin market supply reached an all-time high of $193.6 billion on Dec. 8 and is at $192.8 billion as of press time. The market is heavily concentrated in the Tether USD (USDT), which boasts a size of nearly $141 billion.
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