The approval by the New York Department of Financial Services means that Ripple will be allowed to legally offer its stablecoin through a so-called limited purpose trust charter.

Ripple’s dollar-backed stablecoin, RLUSD, is officially on track for its December 4 debut in New York. The New York Department of Financial Services (NYDFS) is reportedly ready to approve the new product,

Ripple's stablecoin RLUSD is expected to launch on December 4, pending NYDFS approval, positioning Ripple as a key player in regulated digital finance. The launch will compete with Circle, Paxos, and Gemini, offering a stable alternative to XRP for users seeking reduced volatility.

Bitwise's André Dragosch stated that an XRP approval is even more likely in 2025 as retail investors show higher demands. Ripple's XRP rallied near the $2 mark on Friday after rumors of New York regulators approving the company's RLUSD stablecoin surfaced.