New York regulator set to approve Ripple’s RLUSD stablecoin: Report
According to data from CoinGecko, the total stablecoin market capitalization is over $196 billion as of Nov. 29.
The New York Department of Financial Services (NYDFS) is expected to approve Ripple Labs’ RLUSD stablecoin — an overcollateralized dollar-pegged stablecoin — in the coming days, sources revealed to Fox Business.
According to a Nov. 29 Fox Business report, approval of the dollar-pegged stablecoin by the New York financial regulator could see the product launch as early as Dec. 4. In August, Ripple Labs issued the following statement about the future of its ecosystem:
At the time the stablecoin was announced, fears swept over XRP (XRP) holders that the company would abandon the token to focus on its new stablecoin product for cross-border liquidity. However, Ripple Labs has not confirmed any such pivot.
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Author: Vince Quill
