⁠New York regulator ready to approve Ripple's RLUSD stablecoin, report says

According to data from CoinGecko, the total stablecoin market capitalization was over US$ 196 billion on November 29.

The New York Department of Financial Services (NYDFS) is expected to approve Ripple Labs' RLUSD stablecoin — an overcollateralized dollar-pegged stablecoin — in the coming days, sources revealed to Fox Business.

According to a Nov. 29 Fox Business report, approval of the dollar-pegged stablecoin by New York's financial regulator could see the product launch as early as Dec. 4. In August, Ripple Labs issued the following statement regarding the future of its ecosystem:

"There is clear demand for stablecoins that offer trust, stability and utility. When RLUSD is available, Ripple will use both RLUSD and XRP in its cross-border payments solution to serve its global customers and dramatically improve their experience."

At the time the stablecoin was announced, fears that the company would abandon the token to focus on its new stablecoin product for cross-border liquidity gripped XRP holders

XRP

tickers down

R$ 11.47

. However, Ripple Labs has not confirmed such a pivot.

Source: Cointelegraph