The New York Department of Financial Services (NYDFS) is expected to approve Ripple Labs' RLUSD stablecoin, an overcollateralized dollar-pegged stablecoin, within days, as reported by Fox Business. This approval could lead to the stablecoin's launch as early as December 4. Ripple has emphasized the demand for stablecoins that offer trust, stability, and utility, planning to integrate RLUSD and XRP into its cross-border payment solutions. Despite earlier concerns among XRP holders about a potential shift away from XRP, Ripple has not indicated any change in focus. The RLUSD stablecoin was first announced in April 2024, targeting competition against USD Coin and Tether. Ripple predicts a stablecoin market worth $2 trillion by 2028, indicating ample opportunity for several issuers. The company has committed to third-party audits of the stablecoin's collateral reserves and announced collaborations with various platforms to facilitate its ecosystem, asserting compliance with regulatory requirements under its New York Trust Company Charter.

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