Ripple is pushing to launch its US dollar-pegged stablecoin RLUSD by the end of 2024, although delays may occur due to regulatory approvals and the holiday season.
These sentiments are echoed by Ripple CTO David Schwartz. Speaking at The Block’s Emergence conference in Prague, Schwartz expressed optimism despite the challenges.
“I’m very hopeful that will happen this year, but once Christmas and New Year’s rolls around, people leave,” he said, according to The Block.
RLUSD was first announced in April and will operate on both the XRP Ledger and Ethereum (ETH). Testing began in August and Ripple partnered with exchanges Uphold, Bitstamp and Bitso, along with market makers B2C2 and Keyrock to ensure liquidity.
No release on December 4th
One of the major hurdles is obtaining regulatory approval from the New York State Department of Financial Services.
There has been speculation that Ripple’s stablecoin will launch on December 4th. However, the company addressed these speculations about X: “Despite some rumors, RLUSD is not launching today. We are working closely with NYDFS for final approval and will share updates as soon as possible.”