Ripple (XRP) Stablecoin Set For Approval In New York

Ripple Labs (XRP) could see their stablecoin receive regulated approval very soon, according to a Fox Business report. New York’s top crypto regulator is close to greenlighting a new stablecoin issued by Ripple, which could be launched next month.

People close to the matter say the New York Department of Financial Services has indicated to Ripple it will approve the stablecoin. Ripple is reportedly eyeing a possible launch date of Dec. 4. If approved Ripple Labs will be allowed to legally offer its stablecoin RLUSD to the public.

Ripple Continues to Shine: Stablecoin Launch Imminent?

Following its years-long legal battle with the SEC, Ripple has flourished in the final months of 2024. The company’s native cryptocurrency is now the fifth largest in the world by market cap. Ripple Labs’ decision to launch a stablecoin was also met with optimistic ears earlier this year. The coin has been ready for some time and could see its door to New York City, one of the finance capitals of the world, open up next week.

Furthermore, Ripple has seen great success of late both at home and overseas. Earlier today, the software company made waves in BRICS countries India and Russia. The Russian government has taken a significant step in digital asset regulation, passing a bill recognizing XRP and other cryptocurrencies. The bill also establishes a clear taxation framework for crypto. In addition, the Reserve Bank of India (RBI) also announced a collaboration with Ripple Labs for the virtual Rupee initiative.

Also Read: Ripple XRP Surges 20%, Passes BNB As 5th Largest Crypto

Press officials for Ripple and the financial services department, have yet to confirm the reports by Fox or share comments at this time. At press time, XRP is up nearly 20%, and could be set to boom this weekend if the stablecoin report is true. XRP surged following the company’s initial stablecoin announcement, as well as the SEC win. Therefore, members of the crypto community who are bullish on XRP may send the asset to the moon.