According to CoinGecko data, the entire stablecoin market capitalization as of November 29 was over $196 billion.
The New York Department of Financial Services (NYDFS) is anticipated to approve Ripple Labs’ RLUSD stablecoin, an overcollateralized dollar-pegged asset, within the coming days, according to sources cited by Fox Business.
A Nov. 29 report by Fox Business suggests that the stablecoin could launch as early as Dec. 4 following regulatory approval.
Ripple Labs previously outlined its vision for RLUSD in an August statement, emphasizing its potential role in the company’s cross-border payments ecosystem:
“There is a clear demand for stablecoins that deliver trust, stability, and utility. Once RLUSD is available, Ripple will use both RLUSD and XRP in its cross-border payments solution to serve its global customers and dramatically improve their experience.”
Despite initial concerns from XRP holders about a potential shift in focus away from the XRP token, Ripple has not confirmed any intention to deprioritize XRP in favor of RLUSD.
Ripple’s Development of RLUSD Stablecoin
Plans to develop RLUSD were first announced in April 2024 as part of Ripple’s strategy to compete with stablecoins like USD Coin and Tether.
The company has projected a $2 trillion market capitalization for stablecoins by 2028, expressing confidence in the opportunity for multiple issuers to share in this growing market.
Testing for RLUSD began in August on the XRP Ledger and Ethereum mainnet, with Ripple expressing plans to expand the stablecoin to additional blockchains at a later date.
Ripple has also committed to transparency, promising regular third-party audits of the reserves backing RLUSD and monthly reports on collateral levels.
In October, Ripple announced a lineup of exchange partners for RLUSD, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
Ripple CEO Brad Garlinghouse reiterated the company’s dual commitment to leveraging XRP for enhanced liquidity and improving RLUSD’s settlement capabilities.
Ripple also highlighted its adherence to regulatory compliance under its New York Trust Company Charter, signaling a continued focus on maintaining trust and regulatory alignment.