As a seasoned researcher with over two decades of experience in the ever-evolving world of fintech, I must say that Ripple’s push to launch its U.S. dollar-pegged stablecoin, RLUSD, by the end of 2024 is indeed an exciting development. However, the challenges ahead are not to be underestimated, particularly when it comes to regulatory approvals and the holiday season.
By the close of 2024, Ripple intends to debut its U.S. dollar-backed digital coin, RLUSD, but potential regulatory hurdles and the upcoming holidays might postpone the launch.
These positive sentiments were shared by David Schwartz, Ripple’s Chief Technology Officer, during a talk at The Block’s Emergence conference in Prague. In spite of the difficulties he acknowledged, Schwartz remains hopeful.
As a researcher, I am cautiously optimistic that this project may come to fruition this year. However, as the festive season approaches with Christmas and New Year’s, it seems many individuals tend to take a break, which could potentially pose challenges.
The RLUSD (Ripple’s USD- pegged stablecoin) was first unveiled in April and is set to function on both the XRP Ledger and Ethereum network. The testing phase commenced in August, with Ripple establishing collaborations with exchanges such as Uphold, Bitstamp, and Bitso, as well as market makers B2C2 and Keyrock, for ensuring ample liquidity.
No release on December 4
As a researcher, one of the primary hurdles I often encounter is securing regulatory approval from the New York State Department of Financial Services.
There had been talk that Ripple’s stablecoin might debut on December 4th. However, the company clarified on X by saying, “Contrary to some rumors, RLUSD is not launching today. We are working hand-in-hand with the NYDFS to secure final approval and will provide updates as soon as we can.
Although there have been some rumors, it appears that the RLUSD is not being launched today. We’re working closely with the NYDFS for final approval and will provide updates as soon as we receive them. Rest assured, our commitment to launching under the NYDFS oversight and adhering to strict regulatory standards remains unwavering. Keep an eye on our developments…
— Ripple (@Ripple) December 4, 2024
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2024-12-06 21:04