Golden Finance reports that, according to FOX Business, New York's top cryptocurrency regulatory agency – the New York Department of Financial Services (NYDFS) – is about to approve a new stablecoin RLUSD issued by cross-border payment company Ripple. Sources 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.