According to FOX Business, New York's top cryptocurrency regulator-the New York Department of Financial Services (NYDFS)-is about to approve a new stablecoin, RLUSD, issued by cross-border payments company Ripple. People familiar with the matter said the New York Department of Financial Services has told Ripple it will approve the product, and the company plans to launch it on December 4. If approved, Ripple would be able to legally make RLUSD available to the public, making it a major player in New York's regulated digital financial markets and the broader stablecoin ecosystem, a move that would also allow Ripple to compete directly with other well-known U.S. stablecoin issuers such as Circle, Paxos and Gemini.