The New York Department of Financial Services (NYDFS) is set to approve Ripple Labs' RLUSD stablecoin in the coming days, Fox Business has reported.
This dollar stablecoin, which is overcollateralized, could launch on December 4. In August, Ripple Labs recognized the demand for stablecoins that provide trust, stability and utility and revealed plans to use both RLUSD and XRP in its cross-border payments solution for its global customers.
Despite fears that the company would abandon XRP for the new stablecoin, Ripple Labs has not confirmed such a change in approach.
The development of RLUSD was first announced in April 2024 as a competitor to the USD Coin and USDT.
Ripple executives have forecast the market capitalization of stablecoins to reach $2 trillion by 2028.