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Ripple has officially addressed speculation surrounding the launch of its much-anticipated RLUSD stablecoin. The crypto community had been speculating about an impending launch on Dec. 4. With this date having passed and the RLUSD stablecoin not yet launched, Ripple took to X to clear the air.
In a tweet, Ripple stated: "Despite some speculation, RLUSD isn’t launching today," referring to Dec. 4.
Ripple highlighted its commitment to working closely with the New York Department of Financial Services (NYDFS) to secure final approval before proceeding with the launch.
Tomiwabold Olajide"We’re in lockstep with the NYDFS on final approval and will share updates as soon as possible. We are fully committed to launching under the supervision of NYDFS and upholding the highest regulatory standards," Ripple stated.
Ripple stablecoin in beta testing
RLUSD, a 1:1 U.S. dollar-backed stablecoin, will be fully backed by U.S. dollar deposits, short-term U.S. government Treasury securities and cash equivalents.
Since early August, the RLUSD stablecoin has been in beta testing on the XRP Ledger (XRPL) and the Ethereum mainnet. Ripple intends to gradually expand RLUSD to include new blockchains and decentralized finance (DeFi) protocols.
The RLUSD stablecoin is expected to play a significant role in the Ripple ecosystem. Ripple President Monica Long previously indicated that RLUSD was designed to be "complementary and additive" to XRP. As the company awaits the green light from the NYDFS, the crypto community remains eager for further updates on this highly anticipated launch.
Meanwhile, as this is anticipated, the crypto community is warned to be cautious against scams as bad actors might seek to exploit the upcoming Ripple stablecoin launch.
Earlier this week, Ripple warned against an uptick in scams and reminded the community that Ripple will never ask anyone to send XRP - nor will Ripple executives or anyone else from Ripple.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dan Burgin
Vladislav Sopov