Ripple Targets RLUSD Stablecoin Launch by Year-End, Despite Regulatory Hurdles

Ripple, a leading player in the cryptocurrency space, is pushing to launch its U.S. dollar-pegged stablecoin, RLUSD, by the end of 2024. However, the company acknowledges that regulatory approvals and the upcoming holiday season may cause delays.

Challenges and Optimism

Ripple CTO David Schwartz expressed optimism about the launch during The Block’s Emergence conference in Prague. Schwartz stated,

“I’m very hopeful it will happen this year, but once you start running into Christmas and New Year’s, people are gone.”

RLUSD was initially announced in April and will operate on both the XRP Ledger and Ethereum. Testing began in August, and Ripple has partnered with exchanges Uphold, Bitstamp, and Bitso, alongside market makers B2C2 and Keyrock, to ensure liquidity.

Regulatory Approval Hurdles

One of the main obstacles to the launch is obtaining regulatory approval from the New York State Department of Financial Services (NYDFS). Ripple addressed speculation about a December 4 release, stating that it is working closely with the NYDFS on final approval and will share updates as soon as possible.

Cryptocurrency enthusiasts can take note of the following:

  • Ripple is committed to launching RLUSD under the supervision of the NYDFS and upholding the highest regulatory standards.
  • The company will share updates on the launch as soon as possible.
  • RLUSD will operate on both the XRP Ledger and Ethereum, ensuring a wide range of use cases.

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