Golden Finance reported that according to FOX Business, New York’s top cryptocurrency regulator – the New York Department of Financial Services (NYDFS) – is about to approve a new stable currency RLUSD issued by the cross-border payment company Ripple. 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, people familiar with the matter said. If approved, Ripple will be able to legally offer RLUSD to the public, making it a major player in New York’s regulated digital finance market and the broader stablecoin ecosystem. The move will also align Ripple with other well-known U.S. stablecoin issuances. Direct competition with existing vendors such as Circle, Paxos and Gemini.