Ripple is reportedly close to securing approval for its regulated stablecoin, RLUSD, from the New York Department of Financial Services (NYDFS), according to sources cited by Fox Business.

If granted, the approval will enable Ripple to launch its stablecoin on Dec. 4, marking its entry into New York’s tightly regulated crypto market. This move would position Ripple as a competitor to established stablecoin issuers such as Circle, Paxos, and Gemini.

The crypto firm announced in April its plan to launch a stablecoin pegged to the U.S. dollar at a 1:1 ratio. According to the company, RLUSD will be fully backed by U.S. dollar deposits, short-term U.S. government treasuries, and other cash equivalents. Initially, the stablecoin will be available on the XRP Ledger (XRPL) and Ethereum blockchains, with future expansion to additional blockchains and decentralized finance (defi) protocols and applications.

RLUSD will provide Ripple with an alternative to the XRP token, which is entangled in legal battles with the U.S. Securities and Exchange Commission (SEC). The SEC claims XRP is an unregistered security, a case that has dragged on since 2020 and continues to impact XRP’s price and market cap. Stablecoins, by contrast, are tied to assets with stable value, making them popular for payments and remittances. Ripple’s entry into the $199 billion stablecoin market aligns with projections of regulatory growth under the incoming Trump administration, which is expected to focus on federal-level stablecoin legislation.

According to the news outlet, Ripple intends to partner with platforms like Moonpay and Bitstamp for the stablecoin’s launch. Keith Grossman of Moonpay praised Ripple’s move, calling it a “win-win” for the global stablecoin ecosystem. The NYDFS’ rigorous regulatory framework ensures high standards for transparency, security, and consumer protection, which Ripple is expected to meet through a limited purpose trust charter.

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