Ripple is expected to receive approval from the New York Department of Financial Services to issue the stablecoin RLUSD

According to FOX Business, the New York Department of Financial Services (NYDFS), the highest cryptocurrency regulatory authority in New York, is about to approve a new stablecoin called RLUSD issued by the cross-border payment company Ripple. Sources familiar with the matter said that the New York Department of Financial Services has indicated to Ripple that it will approve the product, and the company plans to launch the product on December 4. If approved, Ripple will be able to legally offer RLUSD to the public, making it a major participant in the regulated digital finance market in New York and the broader stablecoin ecosystem. This move will also put Ripple in direct competition with other well-known US stablecoin issuers such as Circle, Paxos, and Gemini.