$XRP

The New York Department of Financial Services (NYDFS) is about to approve Ripple Labs' new stablecoin RLUSD, with the company planning to launch the product on December 4. RLUSD is a stablecoin pegged 1:1 to the US dollar, designed to provide transparency and stability for the XRP Ledger and Ethereum. 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. This will allow Ripple to compete directly with other well-known US stablecoin issuers such as Circle, Paxos, and Gemini.

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