The New York Department of Financial Services is about to ‘give the green light’ to Ripple

The New York Department of Financial Services (NYDFS) is expected to soon approve Ripple's RLUSD stablecoin, with the product potentially launching on December 4th. This is an important step in Ripple's expansion into the digital finance sector, pricing this stablecoin at a 1:1 ratio with the US dollar. Ripple has begun testing RLUSD on the XRP Ledger and Ethereum, and has burned a large amount of this token during the testing phase.

Monica Long, president of Ripple, stated that the team is ready to operate for the launch, but the outcome depends on NYDFS's review process. This approval is expected to create significant momentum for the price of XRP, as the RLUSD stablecoin could expand Ripple's use for cross-border payments due to its stability and reliability.

When RLUSD launches, it is likely to compete directly with existing stablecoins like USDC and Tether, while enhancing the utility of XRP in global financial transactions.