Ripple CTO has discussed the initial proceedings of RLUSD launch recently.
The stablecoin has seen increased interest among community members in the past weeks.
As opposed to a weekend slumber, this mid-December the crypto market rallied significantly. It began with Bitcoin hitting a new ATH that in turn instigated several activities across the sector. Meanwhile, the regulatory sector has also spurred actions with a recent WazirX update. The Ripple stablecoin is also awaiting market launch and has garnered market attention.
In a recent X post, Ripple’s Chief Technology Officer (CTO) David Schwartz, provided an outlook on the stablecoin’s prospects. He stated that the stablecoin might face supply shortages in the very beginning until the market stabilizes. The Ripple CTO also quoted several members purchasing small amounts of RLUSD for huge amounts of capital.
Schwartz also warned community members that by spending a lot they may not be able to gain high profits. This is due to the expectation that RLUSD will stabilize at $1 after its initial surges. He asked investors not to “FOMO into a stablecoin! This is not an opportunity to get rich.”
David Schwartz, in his X post, stated:
“If you want to spend a lot of money to get a tiny bit of RLUSD before anyone else does, you can. But please don’t expect the price to stay over $1 once things stabilize, which I expect they will do very quickly.”
The Ripple CTO’s X post was in reference to a market analyst sharing a screenshot that showed 1 RLUSD to be valued at 511 XRP. The prices surging for the stablecoin has caused the mentioned FOMO for the stablecoin.
When is Ripple’s RLUSD Launching?
The Ripple ecosystem has been working on the launch of its stablecoin over the past few months this year. The CEO, Brad Garlinghouse discussed the launch at several events over the past year.
Recently, a few weeks back, community members speculated a pre-mature launch of the stablecoin. However, the firm dispelled the rumors, days after which it announced the official approval of RLUSD by NYDFS.
This just in…we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from @Ripple first.
— Brad Garlinghouse (@bgarlinghouse) December 10, 2024
The ecosystem has been combating a prolonged lawsuit with the SEC regarding its token XRP’s status as a security. However, the news of a leadership change in the regulatory body, has caused a price rally in the cryptocurrency.
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