Ripple is steadily advancing towards the launch of its own stablecoin, RLUSD, with plans to release it in 2024. Having entered beta testing in August, the project is making consistent progress, although a specific launch date has yet to be announced.
In a recent interview with CNBC, Ripple's President Monica Long shared insights into what the company deems necessary for a successful rollout of RLUSD next year. A key factor highlighted was the dependency on regulatory approval.
Strategic Partnerships Strengthen Ripple's Ecosystem
To bolster the RLUSD project, Ripple is collaborating with notable entities in the cryptocurrency sector, including Bitstamp and Moonpay. These partnerships are expected to enhance Ripple's ecosystem and increase the likelihood of a successful stablecoin introduction.
Ripple's move into the stablecoin arena was first revealed last year when CEO Brad Garlinghouse announced plans for a US dollar-pegged stablecoin. At that time, Garlinghouse emphasized the company's intent to solidify its position in the existing $180 billion stablecoin market. He also projected significant industry growth, anticipating the market could expand to $3 trillion in the coming years.
Regulatory Approval: The Final Hurdle
Despite smooth technological development, Ripple faces delays due to regulatory hurdles. Monica Long pointed out that the launch of RLUSD is contingent upon approval from the New York Department of Financial Services (NYDFS). The company is currently awaiting this crucial green light, acknowledging that the timeline depends entirely on the regulatory process.
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