Data from the Ripple Stablecoin Tracker indicates that the company is conducting two simultaneous tests involving the minting and transferring of RLUSD on the XRP Ledger protocol.

This development follows reports from FOX Business that the New York Department of Financial Services (NYDFS) is on the verge of approving a new stablecoin issued by Ripple for cross-border payments.

Sources familiar with the matter have indicated that the NYDFS has communicated its intention to approve the product, with Ripple planning to launch it on December 4.