Ripple targeting year-end RLUSD stablecoin launch: report

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

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

“I’m hopeful it will happen this year, but once you start getting closer to Christmas and New Years, people are gone,” he said, according to The Block.

RLUSD was initially announced in April and will work on both XRP (XRP) Ledger and Ethereum (ETH). Testing began in August and Ripple associated with exchanges Uphold, Bitstamp and Bitso, alongside market makers B2C2 and Keyrock, to ensure liquidity.

No release on December 4

One of the biggest hurdles is getting regulatory approval from the New York State Department of Financial Services.

There was speculation that Ripple stable coin would be released on December 4. However, the company responded to this X speculation by stating: “Despite some rumors, RLUSD will not launch today. We are working closely with the NYDFS on final approval and will share updates as soon as possible.