Harris’ Tenure and Crypto Legacy 

During her four-year tenure, Harris turned NYDFS into one of the most influential crypto regulatory bodies worldwide. She implemented the BitLicense licensing framework, which became a model for other states and international regulators. Harris oversaw major crypto firms, including Coinbase, Circle, and Gemini, ensuring compliance and financial integrity. 

Notably, she brokered a $2.2 billion settlement with Gemini, reinforcing anti-money laundering and cybersecurity measures. Harris also issued eight regulatory guidance documents covering stablecoins, market manipulation, and blockchain analytics, setting clear industry standards. Her leadership allowed firms to self-certify token listings, improving transparency and efficiency. 

Global Collaboration and Future Vision 

Upon leaving, Harris emphasized her support for a “crypto passporting” initiative between the US and the UK. This regulatory cooperation enables cross-border access for crypto firms and promotes global compliance standards. Harris highlighted the importance of unified global rules for the sustainable growth of the crypto market. 

Incoming Director Kaitlin Asrow 

Kaitlin Asrow will serve as interim NYDFS director starting October 18, 2025. Asrow previously led the Research and Innovation Division and has extensive experience in crypto regulation. She aims to further strengthen NYDFS’s regulatory team and advance financial inclusion and innovation policies. 

Key Achievements 

• Implementation of the BitLicense licensing framework 
• $2.2 billion settlement and robust regulatory oversight 
• Publication of stablecoin and blockchain guidance 
• Advocacy for global crypto passporting 

Harris’ resignation signals the end of a pivotal era in US crypto regulation, with potential ripple effects on altcoin markets and regulatory practices worldwide. 

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What Is Ripple USD (RLUSD)?

Ripple USD (RLUSD) is a stablecoin developed by Ripple and issued through its subsidiary, Standard Custody & Trust Company, LLC (SCTC). It serves as a secure and regulated bridge between traditional financial systems and innovative Web3 technologies. With its stable value and programmable structure, RLUSD enables developers to seamlessly integrate Web3 payment solutions, connecting conventional finance with decentralized applications.

SCTC, a limited-purpose trust company licensed by the New York Department of Financial Services (NYDFS), issues RLUSD under its NYDFS charter and complies with stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements of New York banking laws.

Advantages of Ripple USD

RLUSD combines stability and transparency to offer a range of benefits for both individual users and institutions:

• Near Real-Time Transactions: RLUSD enables fast, low-cost global payments that settle in seconds on the XRP Ledger and Ethereum blockchains, with no need for a bank account.

• Global Stablecoin Settlement: RLUSD can serve as a core trading pair for other crypto assets, an on/off-ramp for bringing fiat onchain, and a settlement asset for derivatives markets.

• Compliant Crypto Transactions: Supports merchant and vendor payouts, fiat-to-RLUSD on/off-ramps, and global settlement for foreign exchange markets.

• Programmable Finance: Enhances efficiency and accessibility for financial use cases like purchasing, on-ramping, and trading.

• Multi-Chain Issuance: Issued on both XRP Ledger and Ethereum, it provides access to multiple ecosystems.

With over a decade of experience at the intersection of crypto and finance, Ripple collaborates with regulators and policymakers worldwide, positioning RLUSD as the first enterprise-ready stablecoin with a focus on regulatory compliance and transparency.

Reserves and Attestation Reports

RLUSD ensures reliability and transparency through fully backed reserves, consisting of US dollars and low-risk investment assets held securely at reputable US financial institutions. These reserves are meticulously audited monthly by a leading accounting firm, with attestation reports verifying their accuracy and proper management. This process guarantees the stablecoin’s consistent value and trustworthiness.

How to Access Ripple USD?

RLUSD offers accessible infrastructure for developers, businesses, and institutions:

• Developers: Can integrate RLUSD into applications on the Ethereum and XRP Ledger blockchains.

• Businesses and Institutions: Can onboard with SCTC to purchase RLUSD directly.

Crypto Wallets

RLUSD can be stored, managed, and transacted using hardware, software, or web-based crypto wallets, secured with private and public keys. Various wallets and digital asset platforms support RLUSD.

Ripple Custody

Ripple Custody is an advanced digital asset management platform designed for enterprise businesses and institutions, allowing users to manage RLUSD alongside other assets in a single interface.

Technical Structure of Ripple USD

RLUSD on XRP Ledger

On the XRP Ledger, RLUSD utilizes the native “Issued Tokens” functionality. An issuer holds real-world assets as collateral and creates equivalent tokens on the ledger. Users establish a trust line with the issuer to receive, hold, and transfer RLUSD. Transactions are fast and secure, leveraging the efficiency of the XRP Ledger. For more details, refer to the Ripple USD GitHub repository.

Networks: RLUSD is available on the XRP Ledger Mainnet and Testnet networks.

RLUSD on Ethereum

On the Ethereum network, RLUSD is an ERC-20 compliant token, ensuring broad compatibility with wallets, exchanges, and DeFi platforms, enhancing liquidity and security. It incorporates standard OpenZeppelin functions and custom functions developed by Ripple engineers.

Smart Contracts: RLUSD employs the proxy upgrade pattern, separating the token contract’s logic and data:

• ERC-20 Implementation Contract: Contains the core business logic for the RLUSD token and is deployed first on the blockchain.

• Proxy Contract: Acts as an interface to the implementation contract, delegating calls without containing business logic. Developers should use the proxy contract address when interacting with RLUSD. For technical details, see the Ripple USD GitHub repository.

Use Cases for RLUSD

Beta testing has proven RLUSD to be fast, reliable, and cost-effective, making it suitable for various financial applications:

• Cross-Border Payments: RLUSD enables instant, low-cost global money transfers, ideal for the interconnected global economy.

• On/Off-Ramps: Provides a volatility-free solution for traders entering and exiting crypto markets.

• Daily Payments: Described by Ripple Labs as “digital cash,” RLUSD is intended for small, everyday transactions.

• Asset Tokenization: Allows institutions to tokenize real-world assets like Treasuries, commodities, and securities, providing collateral for trading.

• DeFi: With Ethereum integration, RLUSD serves as a trusted stablecoin for decentralized exchange trading pairs or lending protocol collateral.

Who Created Ripple USD (RLUSD)?

RLUSD was created by Ripple in 2024. Founded in 2004 by Jed McCaleb and Chris Larsen, Ripple predates even Bitcoin. In 2012, the company launched the XRP Ledger under the leadership of David Schwartz, Jed McCaleb, and Arthur Britto, initially operating as OpenCoin before rebranding to Ripple Labs.

Ripple collaborates with numerous global financial institutions to facilitate seamless cross-border payments, lending credibility and stability to RLUSD. With over a decade of expertise in integrating blockchain technology into financial services, Ripple positions RLUSD as a leading enterprise-focused stablecoin.

Official Links

• Website
• X (Twitter)
• Whitepaper

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Ripple Labs CEO Brad Garlinghouse announced that the New York Department of Financial Services (NYDFS) has approved the company’s RLUSD stablecoin after months of evaluation.

In a post on X on December 10, Garlinghouse stated that following the NYDFS approval, Ripple will soon announce exchange and partner listings for RLUSD. The company had launched plans for this stablecoin in April, positioning it as a competitor to Tether’s USDT and Circle’s USD Coin.

Brad GarlingHouse’s tweet:

Ripple executives have predicted that the stablecoin could reach a market value of $2 trillion by 2028.

The company began testing RLUSD in August on the XRP ledger and Ethereum mainnet, and in October, it announced partnerships with exchanges such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.

In September, Garlinghouse mentioned that Ripple planned to focus RLUSD on institutional players. As of December 10, the combined market value of USDT and USDC was recorded at approximately $180 billion.

How will Ripple manage both XRP and RLUSD?

Like other USD stablecoins, RLUSD will be pegged 1:1 to the US Dollar.

In April, Ripple announced plans to back the tokens with USD deposits, short-term US Treasury bonds, and “other cash-like assets.”

In June, Ripple President Monica Long stated that RLUSD would be “complementary and additive” to XRP.

Garlinghouse appeared in a 60 Minutes segment aired on December 8, discussing the cryptocurrency industry’s influence on the 2024 United States elections.

Ripple is also engaged in an ongoing legal battle with the US Securities and Exchange Commission (SEC) regarding XRP token offerings.

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This charter paves the way for WisdomTree to introduce its personal finance mobile app, WisdomTree Prime, with heightened regulatory oversight in New York, as announced by the firm on March 22.

Jonathan Steinberg, the founder and CEO of WisdomTree, highlighted the significance of this approval, stating, “The New York State Department of Financial Services is the premier regulator for businesses involved in digital asset activity.” He emphasized the trust company charter program’s robust regulatory framework, which predates digital assets, ensuring customer protection while fostering innovation.

With this charter, WisdomTree is poised to emerge as a key player in New York’s rapidly evolving digital asset landscape. The approval allows the company to provide digital asset custody services, including wallet solutions, issuing DFS-approved stablecoins, and managing stablecoin reserves. These services will be offered through the newly established entity, WisdomTree Digital Trust Company.

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