Ripple targeting year-end RLUSD stablecoin launch: report

Ripple's plans to launch its U.S. dollar-pegged stablecoin, RLUSD, remain in motion, with a target date for release set by the end of 2024. However, regulatory approvals and the holiday season may result in potential delays.

Ripple's CTO, David Schwartz, expressed optimism for the launch despite potential obstacles. "I'm hopeful it will happen this year, but with Christmas and New Year's approaching, staff availability may be reduced," he said.

RLUSD, announced in April, will operate on both the XRP Ledger and Ethereum network. Testing commenced in August, and Ripple has partnered with exchanges like Uphold, Bitstamp, and Bitso, along with market makers B2C2 and Keyrock, to ensure liquidity.

The primary hurdle remains regulatory approval from the New York State Department of Financial Services. Despite rumors of a December 4th release, Ripple clarified on Twitter, "Despite some rumors, RLUSD isn't launching today. We're closely working with the NYDFS on final approval and will share updates as soon as possible."