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

Garlinghouse said Ripple would soon announce exchange and partner listings for RLUSD after the NYDFS approval. The company launched plans for the stablecoin in April as a competitor to Tether’s USDT and USDC from Circle.