The CEO of Ripple Labs, Brad Garlinghouse, has announced that the New York Department of Financial Services has granted approval for Ripple Labs' RLUSD stablecoin.

Ripple plans to reveal exchange and partner listings for RLUSD after months of deliberation. RLUSD was launched in April to compete with established stablecoins such as Tether's USDT and Circle's USDC.

Ripple executives are optimistic about the stablecoin's potential and project a market capitalization of $2 trillion by 2028. In August, Ripple began testing RLUSD on the XRP ledger and Ethereum mainnets. The company has secured partnerships with notable exchanges including Uphold, Bitstamp, and MoonPay.

Brad Garlinghouse recently discussed the cryptocurrency industry's influence on the upcoming 2024 United States election in a segment on CBS's 60 Minutes. Ripple is currently involved in a legal dispute with the U.S. Securities and Exchange Commission regarding XRP token offerings.