Ripple CTO says RippleUSD stablecoin may only be available to institutions
The chief technology officer of Ripple has hinted that only major financial institutions could get access to the RippleUSD stablecoin. To
The stablecoin RippleUSD, developed by Ripple, would likely only be accessible to institutions, according to CEO David Schwartz.
Potentially accessible in a matter of weeks is RLUSD, which is now undergoing testing in private beta.
XRP is trading at $0.5309 after a little increase on Monday.
In an effort to allay user fears around the introduction of the RippleUSD stablecoin, Ripple's Chief Technology Officer (CTO) David Schwartz said on Sunday that the coin may only be released to institutions. According to Ripple's statement, RippleUSD (RLUSD) is not yet accessible for buy or trading since it is in private beta and is pending a regulatory appeal.
Institutions will "probably" be the only ones able to use RippleUSD.
At the Korea Blockchain Week, Brad Garlinghouse, CEO of Ripple Labs, said that the stablecoin of the company is almost ready to be issued. Launching in "weeks" rather than months, according to Garlinghouse.
The future of the stablecoin has been the subject of discussion among XRP holders due of this timetable. To prevent its misuse by criminals, one member of the XRP community wondered whether the stablecoin might be restricted to institutions exclusively.
The coin "will probably only ever be available directly to institutions," according to Ripple CTO David Schwartz. In his statement, Schwartz made comparisons between USDCoin, USDTether, and RippleUSD.
Market manipulators and international money laundering networks have the potential to access USD Tether, which is a risk for the trader.
Details of Ripple's stablecoin plans were first revealed in April. The company promised that all of the token's value would come from deposits of US dollars, as well as short-term US Treasury bonds and other liquid assets. As of this writing, there is no confirmed release date.
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