🚨DEVELOPING NEWS #XRP :

New York's top cryptocurrency regulator is close to greenlighting a new stablecoin issued by cross-border payments firm Ripple, FOX Business has learned.

People close to the matter say the New York Department of Financial Services has indicated to Ripple that it will approve the product and the company is eyeing a potential launch date of Dec. 4. If approved, as expected, Ripple will be able to legally offer its stablecoin called RLUSD to the public, positioning it as a major player in New York's regulated digital finance market and the stablecoin ecosystem at large.

Press officials for Ripple and the department of financial services, known by its acronym, NYDFS, did not comment.

Ripple’s core business is centered around its decentralized global payments network, RippleNet, which uses blockchain technology to provide faster, cheaper, and more efficient cross-border payment solutions for banks and businesses. It is billed as an alternative to the global banking settlement system called SWIFT. Ripple’s native token, XRP, serves as a bridge currency to settle those transactions, but the token is currently in regulatory limbo in the U.S. as the Securities and Exchange Commission continues to argue in court that it is an unregistered security.

The case, now in the appeals phase in the Second Circuit, could be dismissed by the pro-cryptocurrency Trump Administration once it takes power in January. In the meantime, with its future uncertain, $XRP has been subject to volatile price swings for now amid a peer-to-peer rally. Banking entities and other global partners are missing from the definitive market, which could produce high volatility in the future price of #XRP a.