Ripple's RLUSD Gains NYDFS Approval, Paving the Way for a Big December

Ripple Labs (XRP) has secured a landmark approval from the New York State Department of Financial Services (NYDFS) for its stablecoin, RLUSD. This major development was shared by Ripple’s CEO, Brad Garlinghouse, in an enthusiastic X post, stating: “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 it from @Ripple first.”

The approval positions RLUSD for a potential debut as early as this month, signaling a new chapter for Ripple. This achievement follows a triumphant year for Ripple, which overcame a long-standing SEC battle and saw its native cryptocurrency, XRP, climb to the fifth-largest market cap globally.

The stablecoin's green light from NYDFS marks a milestone for Ripple Labs, which has experienced a surge in momentum. XRP has soared over 200% in the last 30 days, with the token currently trading at $2.255—up 7% in just one hour. Predictions now place XRP near the $3 mark by year’s end, as festive market sentiments buoy investor confidence.

Ripple’s recent successes extend beyond RLUSD. Its technology has gained traction in key international markets, including collaborations with the Reserve Bank of India (RBI) on the virtual Rupee initiative and recognition from Russia, which passed a bill formalizing cryptocurrency taxation and use.

The RLUSD stablecoin launch could amplify XRP’s rally, setting up a strong close to 2024 for Ripple. While Garlinghouse hasn’t revealed an exact release date for RLUSD, the approval from NYDFS serves as a significant milestone for the company's ambitions in the financial sector.