The New York Department of Financial Services (NYDFS) is expected to approve Ripple Labs’ RLUSD stablecoin — an overcollateralized dollar-pegged stablecoin — in the coming days.

In August, Ripple Labs issued the following statement about the future of its ecosystem: “There is a clear demand for stablecoins that deliver trust, stability, and utility. Once RLUSD is available, Ripple will use both RLUSD and XRP in its cross-border payments solution to serve its global customers and dramatically improve their experience.”