Ripple: Restart in the Stablecoin Business is Imminent

The financial world is eagerly watching Ripple, as the crypto cross-border payment service provider appears to be on the verge of receiving the green light to launch a new stablecoin. According to FOX Business, the New York State Department of Financial Services (NYDFS) has indicated that the approval for Ripple's stablecoin, which is to be marketed under the name RLUSD, is merely a formality. A launch date is being considered for December 4th. If the approval is granted as expected, Ripple would significantly strengthen its position in New York's highly regulated digital financial market and the global stablecoin ecosystem. Neither Ripple nor the NYDFS have yet provided an official statement on this matter. Ripple's main business is based on the decentralized global payment network RippleNet, which uses blockchain technology to offer faster and cheaper cross-border payment solutions. Positioned as an alternative to SWIFT, Ripple operates in a regulatory gray area, as the U.S. Securities and Exchange Commission (SEC) legally challenges the classification of the underlying token XRP as an unregistered security. The litigation is now in the appeals phase, and there is speculation that a more crypto-friendly administration under Trump, who is set to take office in January, could potentially halt the proceedings. Meanwhile, the future of XRP remains uncertain, causing volatile price fluctuations.