New York regulator to approve Ripple's RLUSD stablecoin soon $XRP $DEGO $SUI The regulator may give the go-ahead to launch the dollar-pegged stablecoin in the coming days, with the token launch set to take place on December 4. Ripple management previously promised that RLUSD would be an "overcollateralized" stablecoin, meaning that the company would hold more US dollars in its accounts than it would issue tokens.

"There is clear demand for stablecoins that provide trust, stability, and are used for a variety of purposes. With the launch of RLUSD, Ripple will use both RLUSD and XRP for cross-border payments to significantly improve the user experience for its customers," Ripple said in a statement.

The stablecoin market capitalization is currently $196 billion, but Ripple's management expects the figure to grow to $2 trillion by 2028, so the company is trying to "take its place in the sun" early. Ripple has also announced that it will conduct regular third-party audits of its RLUSD reserves.