Ripple Labs, the company behind XRP, is reportedly on the brink of achieving regulated approval for its stablecoin, as per a report from Fox Business. The primary crypto overseer in New York is said to be on the verge of endorsing a fresh stablecoin initiated by Ripple, whose roll-out might be proceeding as early as next month.
Sources with knowledge of the situation claim the New York Department of Financial Services is inclined to give Ripple its approval for the stablecoin. Ripple is reportedly eyeing up December 4th as the potential launch date. Should this approval be granted, Ripple will be legally authorised to roll out RLUSD, its new stablecoin, for public acquisition.
Even in the midst of a years-long legal dispute with the SEC, Ripple has experienced a period of significant growth in the latter months of 2024. The company’s primary cryptocurrency currently sits as the fifth-largest globally in terms of market capitalisation. Ripple’s earlier announcement of a stablecoin release was received with optimism, and pending approval, this coin could very soon be accessible in New York City, a major global financial hub.
Furthermore, Ripple has been witnessing deserving success recently, both domestically and internationally. The company has been in the news with significant engagements in the BRICS nations, specifically Russia and India. Russia’s government has made noteworthy strides in the regulation of digital assets, passing a bill which acknowledges XRP among other cryptocurrencies, and also sets forth a defined taxation structure for cryptocurrency. Meanwhile, the Reserve Bank of India (RBI) has also revealed a collaboration with Ripple for a virtual Rupee initiative.
The press officials for Ripple and the financial services department have not yet confirmed these reports or commented on them. At the time of writing, XRP has risen nearly 20%, and could experience a significant surge this weekend if these reports about the stablecoin prove accurate. The original announcement of the company’s stablecoin, coupled with an SEC victory, could potentially drive XRP’s value sky-high.