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Ripple has delayed the launch of its stablecoin, RLUSD, citing regulatory commitments.
In a post on X, Ripple revealed it is still awaiting approval from the New York Department of Financial Services (NYDFS) and is working closely with the agency to secure the necessary clearance.
"Despite some speculation, $RLUSD isn’t launching today," Ripple tweeted. "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. Stay tuned for updates!"
Despite some speculation, $RLUSD isn’t launching today. We’re in lockstep with the NYDFS on final approval and will share updates as soon as possible.
— Ripple (@Ripple) December 4, 2024
We are fully committed to launching under the supervision of NYDFS and upholding the highest regulatory standards. Stay tuned…
Announced in April, RLUSD is 100% backed by USD deposits, short-term US government treasuries, and other cash equivalents.
Ripple said its stablecoin will be enterprise-grade and compliance-first. RLUSD will join the growing list of USD-backed stablecoins with the stablecoin market expected to grow to over $2.8 trillion by 2028. Both XRP, Ripple's native token, and RLUSD will be used in its cross-border payment solutions.
Uphold, Bistamp, MoonPay, Independent Reserve, CoinMENA, and Bullish will all offer RLUSD, while leading market makers including B2C2 and Keyrock will support the liquidity of RLUSD.
Blockhead
Ripple had signaled that RLUSD would launch on 4 December, anticipating that regulatory clearance would have been completed by then.
