Ripple has finally spoken about the much-anticipated launch of its RLUSD stablecoin. Many in the crypto community expected it to debut on December 4, but that didn’t happen.
In a tweet, Ripple clarified, “RLUSD isn’t launching today.” The company explained it is still working closely with the New York Department of Financial Services (NYDFS) to get final approval. Ripple promised to share updates as soon as they’re ready.
“We are fully committed to launching under NYDFS supervision and meeting the highest regulatory standards,” Ripple said.
What is RLUSD?
RLUSD is a stablecoin backed 1:1 by U.S. dollars, short-term Treasury securities, and cash equivalents. It’s been in beta testing since August on the XRP Ledger and Ethereum mainnet. Ripple plans to expand it to other blockchains and DeFi platforms in the future.
The RLUSD stablecoin is designed to work alongside XRP, boosting the Ripple ecosystem. Ripple President Monica Long called it “complementary and additive” to XRP.
Ripple advice users about Scams
As excitement grows, Ripple has warned users to be cautious of scams. The company reminded everyone that it will never ask for XRP or any other funds.
For now, the crypto community eagerly awaits updates on RLUSD’s official launch.
