According to ChainCatcher news, as reported by FOX Business, informed sources reveal that Ripple is about to receive approval from the New York Department of Financial Services (NYDFS) to issue the stablecoin RLUSD, which is expected to be officially launched on December 4, 2024.
Currently, the market capitalization of XRP has reached 99 billion USD, ranking it as the fifth largest cryptocurrency in the world. As an institution licensed by NYDFS, Ripple will collaborate with payment service providers such as Bitstamp, Moonpay, and Uphold to launch this stablecoin.
This stablecoin is designed to meet the demand for low-volatility digital currencies from customers while further promoting the development of cross-border payments and remittance transactions. Previously, Ripple also established an RLUSD advisory committee, with members including former FDIC Chair Sheila Bair, former JPMorgan executive David Puth, and Ripple co-founder and executive chairman Chris Larsen.
