Ripple has received approval from the New York Department of Financial Services (NYDFS) to launch its dollar-backed stablecoin, RLUSD.

Built on the XRP Ledger and Ethereum blockchain, RLUSD will facilitate instant payments, fiat-to-crypto conversions, and the tokenization of real-world assets. This regulatory milestone reinforces Ripple's commitment to expanding its presence in the US and offers a direct challenge to traditional banking payment systems.

Ripple CEO Brad Garlinghouse emphasized the significance of the approval, stating that RLUSD provides US financial institutions with a secure and scalable cross-border payment solution. At launch, RLUSD will be available worldwide through major exchanges and platforms such as Bitstamp, Uphold, and MoonPay. Market makers like B2C2 and Keyrock have also been enlisted to bolster liquidity and foster adoption, positioning RLUSD as a key player in global financial innovation.