Blockchain company Ripple is releasing its own long-awaited stablecoin tomorrow after receiving approval from the New York Department of Financial Services (NYDFS) last week. The coin, named RLUSD, is an effort to advance Ripple’s goal of becoming the go-to network for international payments.

Ripple’s RLUSD stablecoin launches with strong market interest, pushing XRP to $2.57. Ripple’s much-awaited stablecoin, RLUSD, has officially launched today, triggering significant interest and a ripple effect across the market.

Ripple has launched its enterprise-grade, USD-denominated stablecoin Ripple USD (RLUSD), backed by US dollar deposits, US government bonds, and cash equivalents. Starting 17 December 2024, RLUSD is initially available on crypto exchanges including Uphold, Bitso, MoonPay, Archax, and CoinMENA.