Ripple anticipates regulatory hurdles but maintains optimism for its stablecoin rollout this year.
Photo: Ripple
Key Takeaways
- Ripple's stablecoin, RLUSD, is set to debut by the end of the year despite potential delays.
- Ripple’s XRP retraces 15% this week, but Trump’s inauguration could set the stage for 2025 growth.
Ripple’s long-anticipated stablecoin, Ripple USD (RLUSD), may face delays but could still launch before the end of 2024, according to a report by The Block.
Ripple CTO David Schwartz shared his optimism about meeting the year-end target during a speech at The Block’s Emergence conference in Prague on Friday.
“I’m still hopeful that we’ll launch by the end of the year,” Schwartz said, while noting that holiday schedules might create challenges for Ripple’s partners.
The company announced its stablecoin initiative in April, planning initial launches on XRP Ledger and Ethereum.
After beginning testing in August, Ripple secured partnerships with exchanges including Uphold, Bitstamp, and MoonPay, along with market makers B2C2 and Keyrock for liquidity support.
The launch requires approval from the New York State Department of Financial Services (NYDFS), which Schwartz described as “the gold standard for stablecoin regulation.”
“The stablecoin is launched through a New York state trust and regulated by the NYDFS,” Schwartz said. “We are very much looking forward to having the launch headaches behind us, but we will get there.”
Ripple’s market activity has reflected its recent developments.
Following Donald Trump’s victory in the primary elections on November 6, Ripple’s XRP token surged over 400% in just one month.
It reached a yearly market cap high of $164 billion, overtaking Solana to become the third-largest crypto by market capitalization.
Although XRP has retraced over 15% this week, the appointment of Paul Atkins as SEC Chair and Trump’s impending inauguration on January 20 could lay a strong foundation for further growth in 2025.
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