Ripple Targeting Year-End RLUSD Stablecoin Launch: Report

Ripple is planning to launch its U.S. dollar-pegged stablecoin, RLUSD, by the end of 2024, though regulatory hurdles and the holiday season could potentially cause delays. This update comes from David Schwartz, Ripple’s Chief Technology Officer (CTO), who shared his optimism about the project during his appearance at The Block’s Emergence conference in Prague. Schwartz stated that he remains hopeful about meeting the year-end target, but acknowledged that the approach of Christmas and New Year’s holidays could complicate the timeline, as many people take time off during the festive season.

Background of RLUSD Launch

Ripple first announced its stablecoin, RLUSD, in April 2024. The coin is designed to be pegged to the U.S. dollar and will operate on both the XRP Ledger and Ethereum, aiming to provide enhanced interoperability across blockchain ecosystems. Since the announcement, testing for RLUSD began in August 2024, marking progress toward its launch.

Ripple has partnered with multiple key players to ensure the stablecoin’s liquidity and adoption. The company has teamed up with Uphold, Bitstamp, and Bitso, three prominent exchanges, in addition to market makers B2C2 and Keyrock, which will help ensure liquidity for RLUSD once it’s released.

Regulatory Approval Challenges

A significant hurdle in the stablecoin’s rollout is obtaining regulatory approval from the New York State Department of Financial Services (NYDFS). Ripple is working closely with the NYDFS to secure this final approval. However, due to the ongoing regulatory scrutiny surrounding cryptocurrencies, this process could take longer than expected, which may delay the planned launch.

Clarification on December 4 Speculation

There was speculation that Ripple would launch RLUSD on December 4, but the company quickly addressed the rumors through an official statement on X (formerly Twitter). Ripple clarified that RLUSD would not be launching on that date, emphasizing that it is still working with the NYDFS for the final regulatory approval. Ripple assured the public that they would share further updates as soon as possible.

Despite the potential for delays due to the ongoing regulatory processes and the holiday season, Ripple remains optimistic about launching RLUSD by the end of 2024. The stablecoin aims to enhance liquidity and offer cross-chain interoperability, with key exchange partnerships already in place. However, achieving the necessary regulatory approvals will be a crucial factor in determining whether RLUSD can meet its year-end launch goal.