Ripple is close to getting approval from the New York Department of Financial Services (NYDFS) to launch its RLUSD stablecoin.
The expected date for the launch of the currency will be on December 4 in the US market.
This approval will allow Ripple to enter the regulated digital finance sector in the United States, putting it in direct competition with stablecoin issuers like Circle, Paxos, and Gemini.
Ripple currently operates RippleNet, a blockchain-based network that provides cross-border payment solutions as an alternative to SWIFT.
Meanwhile, the company's XRP cryptocurrency continues to play a key role as a bridge currency for transactions, despite being fully unregulated in the United States.
XRP recently rose to $1.87 with a market cap of over $100 billion, becoming the fifth-largest cryptocurrency, surpassing BNB.
This recovery came after Donald Trump won the elections, where he pledged to ease restrictions on cryptocurrencies, in addition to the anticipation of the resignation of the Chairman of the Securities and Exchange Commission, Gary Gensler, which boosted optimism among investors.