Ripple Labs has received final approval from the New York State Department of Financial Services (NYDFS) to launch its stablecoin RLUSD. Ripple CEO Brad Garlinghouse announced the milestone on X Tuesday afternoon, signaling another significant achievement for the blockchain company.

Ripple’s RLUSD Stablecoin Gains Momentum

Garlinghouse’s announcement read: “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 paves the way for RLUSD to debut, potentially as early as this month, cementing Ripple’s presence in New York, a global financial hub.

Ripple’s move to introduce RLUSD comes amid the company’s broader resurgence following its prolonged legal battle with the SEC. As 2024 draws to a close, Ripple has emerged stronger, with its native cryptocurrency XRP now ranking as the fifth largest by market cap.

Global Recognition for Ripple

Ripple has seen substantial success globally, particularly in BRICS nations like India and Russia. The Russian government recently passed legislation recognizing XRP and other cryptocurrencies, establishing clear tax frameworks for digital assets. In India, Ripple Labs collaborated with the Reserve Bank of India (RBI) on the virtual Rupee initiative, further solidifying its position as a key player in global digital finance.

Potential Impact of RLUSD on XRP Price

The approval of RLUSD could have a significant impact on XRP’s price. Currently trading at $2.255, XRP is up 7% in the last hour alone. Analysts expect the launch of RLUSD to drive further gains for XRP, with projections suggesting the cryptocurrency could reach $3 by year-end.

The timing of NYDFS approval aligns with the festive season, a period often associated with increased market activity. Investors are optimistic that the stablecoin launch will strengthen Ripple’s ecosystem and further validate its utility in the financial sector.

Looking Ahead

While Garlinghouse has not provided a specific launch date for RLUSD, the NYDFS approval marks a critical step toward the stablecoin’s rollout. Ripple’s ability to secure regulatory approval in one of the most stringent financial markets highlights its resilience and growing influence in the blockchain space.