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 the cross-border payment company Ripple.

Insiders say that the New York Department of Financial Services has indicated to Ripple that it will approve the product, which the company plans to launch 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, and this move will also put Ripple in direct competition with other well-known U.S. stablecoin issuers such as Circle, Paxos, and Gemini.