Ripple’s dollar-backed stablecoin will debut Tuesday after gaining approval from the New York State Department of Financial Services. RLUSD will launch on the Ethereum blockchain and XRP ledger, debuting on select global exchanges but not initially on Coinbase or Robinhood. Ripple cites growing demand for cost-effective cross-border payments as a key driver for the launch. The stablecoin market, led by Tether and Circle's USDC, has surged 50% this year and 15% since the election.