Ripple stablecoin rumored to receive approval from New York regulators, XRP price hits new high sinc

The soaring price of the currency has also led to its market value breaking through the $100 billion mark, reaching $140 billion before the deadline.

The recent surge in XRP is related to reports released over the weekend. Fox Business reported on Friday, citing insiders, that the New York Department of Financial Services (NYDFS) has informed Ripple that it will approve the company's issuance of RLUSD stablecoin. If approved, Ripple will be allowed to legally issue RLUSD tokens to the public, expected to be launched as early as December 4th.

The rise of XRP began in early November, when the Republican Party won the US election, reigniting investors' confidence in tokens associated with US companies, particularly in terms of regulatory easing and legislative push, which could benefit companies facing regulatory lawsuits, including Ripple Labs. Some traders also expect the United States to launch XRP exchange traded funds (ETFs).

XRP and open interest contracts (OI) denominated in US dollars also set new records, with exchange XRP contract holdings reaching $4.18 billion according to CoinGlass data.

In addition to potentially launching the RLUSD stablecoin, Ripple announced in September this year that it would introduce new programmability to the XRPL developer ecosystem by 2025 through the introduction of native smart contract functionality on the XRP Ledger (XRPL) and the launch of the XRPL EVM sidechain.