Ripple targeting year-end RLUSD stablecoin launch: report

Ripple is trying to launch its US dollar-pegged stablecoin RLUSD by the end of 2024, but regulatory approvals and the holiday season could cause delays.

This view comes from Ripple CTO David Schwartz. Speaking at The Block’s Emergence conference in Prague, Schwartz expressed optimism despite the challenges.

“I’m hoping it will happen this year, but once you start getting into Christmas and New Year’s, people leave,” he said, according to The Block.

RLUSD was first announced in April and will run on both the XRP (XRP) Ledger and Ethereum (ETH). Testing began in August, and Ripple partnered with exchanges Uphold, Bitstamp, and Bitso, as well as market makers B2C2 and Keyrock, to provide liquidity.

No broadcast on December 4th

One of the main hurdles is obtaining regulatory approval from the New York State Department of Financial Services

There was speculation that Ripple’s stablecoin would be launched on December 4. However, the company addressed this speculation about X and stated: “Despite some rumors, RLUSD does not start today. “We are working closely with NYDFS on final approval and will share updates as soon as possible.”

Despite some speculation, $RLUSD It doesn’t start today. We are working in concert with NYDFS on final approval and will share updates as soon as possible.

We are fully committed to launching under NYDFS oversight and upholding the highest regulatory standards. Stay tuned…

— Ripple (@Ripple) December 4, 2024