Ripple has clarified that despite ongoing speculation, it won’t launch its stablecoin, the $RLUSD, today. The firm stated it is keen to launch under the supervision of the New York Department of Financial Services (NYDFS) while upholding the regulations.
Ripple posted through their X platform:
Despite some speculation, $RLUSD isn’t launching today. We’re in lockstep with the NYDFS on final approval and will share updates as soon as possible. We are fully committed to launching under the supervision of NYDFS and upholding the highest regulatory standards.
~Ripple
The launch of RLUSD stablecoin is set to redefine Ripple’s primary use case, moving it beyond its “memecoin” perception. The RLUSD will battle with market giants like Tether’s USDT and Circle’s USDC as it will feature on XRPL and Ethereum. The stablecoin can kickstart DeFi activity on XRPL if it matches a fraction of USDT’s $134 billion in circulation.
December 4 was marked for the big announcement
Earlier, Ripple signaled that December 4 would be a tentative launch day, anticipating regulatory clearance by then. Although the launch is delayed, Ripple is set to sell its stablecoin, the RLUSD, to the public. Such a feat will see the firm grow into a big player in New York’s regulated digital finance market and stablecoin ecosystem.
In June, Ripple officially unveiled its stablecoin, which it characterizes as a 1:1 USD-pegged asset fully backed by USD deposits, short-term US Treasuries, and other cash equivalents.
Later in the year, the stablecoin went through beta testing on the Ethereum main net, XRP ledger, and Ripple’s decentralized blockchain.
Ripple’s CEO says Paul Atkin will bring back common sense to the SEC
While announcing the delayed launch, Ripple’s CEO also shared remarks about the SEC. Brad Garlinghouse supported the nomination of Paul Atkins for the SEC chairperson position. He believes that Atkins is an outstanding choice at the helm of SEC.
Ripple CEO notes Atkins will bring back common sense to the agency. According to one industry source, Atkins recently voiced a desire to let GOP Commissioner Hester Peirce, known as “Crypto Mom,” lead on crypto policy alongside her fellow GOP Commissioner Mark Uyeda.
Brad also stated that with the team, it’s time to swiftly and definitively end the prohibition era on crypto. He believes such changes will restore freedom of choice and spur economic growth and innovations in America.
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