Ripple has officially addressed speculation surrounding the launch of its highly anticipated stablecoin RLUSD. The cryptocurrency community had been speculating about an imminent launch on December 4. As this date has already passed and the stablecoin RLUSD has not yet launched, Ripple turned to X to clarify matters.
In a tweet, Ripple stated: "Despite some speculation, RLUSD will not launch today," referring to December 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.
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"We are in sync with the New York Department of Financial Services (NYDFS) regarding final approval and will share updates as soon as possible. We are fully committed to launching under the supervision of the NYDFS and complying with the highest regulatory standards," said Ripple.
The stablecoin Ripple in beta testing phase
RLUSD, a stablecoin backed 1:1 by US dollars, will be fully backed by US dollar deposits, short-term US Treasury securities, and cash equivalents.
Since early August, the stablecoin RLUSD has been in beta testing phase on the XRP Ledger (XRPL) and the Ethereum mainnet. Ripple intends to gradually expand RLUSD to include new blockchains and decentralized finance (DeFi) protocols.
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The stablecoin RLUSD is expected to play an important role in the Ripple ecosystem. Ripple's president, Monica Long, previously indicated that RLUSD was designed to be 'complementary and additive' to XRP. While the company awaits the green light from the NYDFS, the cryptocurrency community remains eager for more updates on this highly anticipated launch.
Meanwhile, as anticipated, the cryptocurrency community is warned to be cautious of scams, as bad actors may attempt to exploit the upcoming launch of the Ripple stablecoin.
Earlier this week, Ripple warned of an increase in scams and reminded the community that Ripple will never ask anyone to send XRP, nor will Ripple executives or anyone else from Ripple do so.
