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 transfer firm Ripple. According to people familiar with the matter, the New York Department of Financial Services has informed Ripple that it will approve the product, which the company plans to launch on December 4. If approved, Ripple would be able to legally offer RLUSD to the public, making it a major player in New York's regulated digital financial marekt and the broader stablecoin ecosystem, a move that would also put Ripple in direct competition with other well-known U.S. stablecoin issuers such as Circle, Paxos, and Gemini.