Here’s when Ripple’s stablecoin launch is expected: President Monica Long

TL;DR

Ripple’s RLUSD stablecoin is in beta testing, with a launch pending regulatory approval. The team has chosen Bitstamp, Bitso, Uphold and others as exchange partners for the upcoming presentation. RLUSD progress so far

Ripple made headlines in April this year, announcing plans to introduce a stablecoin pegged 1:1 to the US dollar. In the following months, the team revealed that the name of the product will be RLUSD and it will be available on XRP Ledger (XRPL) and Ethereum.

In August 2024, Ripple began beta testing the stablecoin, warning that it will be available for purchase and trading after receiving the necessary regulatory approval.

Last month, the team named numerous well-known entities, including Bitstamp, Bitso, Uphold, Bullish, CoinMENA, Independent Reserve, and MoonPay, as exchange partners for the initiative.

In a recent interview for CNBC, Monica Long (President of Ripple) provided additional information about the RLUSD breakthrough. He stated that the team is “operationally ready” to launch the stablecoin. However, development will happen once it gets the green light from the New York Department of Financial Services (NYDFS).

“It depends on them. They are reviewing our trust application. It will be in their hands when they approve it.”

Long predicted that the market capitalization of all stablecoins would increase from its current $180 billion to more than $3 trillion in the coming years “because there will be more demand factors like payments.” He also assumed a de-dollarization scenario where future financial products of this type will be increasingly linked to other fiat currencies such as the euro, yen and others.

USDT and USDC lead the pack

Stablecoins are a type of cryptocurrency whose valuation is tied to a specific asset, such as a fiat currency, a commodity (such as gold), or occasionally a basket of assets. They aim to facilitate fast and borderless transactions, making them useful for payments, money transfers and a store of value.

As mentioned above, the total market capitalization of the niche currently stands at approximately $180 billion, with Tether (USDT) as the undisputed leader. The stablecoin is pegged to the greenback and is the third largest cryptocurrency (behind BTC and ETH), with its market capitalization hitting a new all-time high of nearly $125 billion today (November 12).

USDT Market Cap, Source: CoinGecko

Circle’s USDC ranks second. Its current market cap is around $37 billion, far less than the $56 billion peak seen in June 2022.

The rest of the stablecoins whose capitalization has passed the $1 billion milestone include USDS, DAI, USDE, and FDUSD.

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