According to FOX Business, New York’s top cryptocurrency regulator – the New York Department of Financial Services (NYDFS) – is about to approve a new stablecoin RLUSD issued by cross-border payment company Ripple.
People familiar with the matter said that the New York Department of Financial Services has told 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 player in New York’s regulated digital financial market 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.