“Ripple’s RLUSD Could Launch Before the End of 2024, Says CTO”

Ripple aims to launch its USD-pegged stablecoin, RLUSD, by the end of 2024. However, this is dependent on approvals from regulators and possible delays due to holidays, according to David Schwartz, the CTO of Ripple.

RLUSD was announced in April and is intended to operate on both the XRP Ledger (XRPL) and Ethereum (ETH). The testing phase began in August, and Ripple has set up collaborations with exchanges such as Uphold, Bitstamp, and Bitso, and market makers B2C2 and Keyrock to ensure liquidity.

One of the biggest challenges for the launch of RLUSD, however, is approval from the New York State Department of Financial Services (NYDFS). There was speculation that the stablecoin would debut on December 4, but Ripple had to postpone this:

“Despite some rumors, RLUSD is not being launched today. We are working closely with the NYDFS on final approval and will share updates as soon as possible.”

At The Block’s Emergence conference in Prague, however, Schwartz shared his optimism for a launch before the end of the year, stating:

“I really hope it will happen this year, but as you approach Christmas and New Year, people are away.”

This statement underscores Ripple’s caution to ensure the launch is fully compliant with regulations. We are now waiting for further developments and approvals to see if RLUSD sees the light of day this year or if the launch is pushed to next year. We will, of course, keep you updated!