- Ripple has clarified that the highly anticipated RLUSD stablecoin will not launch in early December as previously rumored.
- XRP has significantly outperformed Bitcoin since November, fueled by increased network activity and positive market sentiment.
Ripple, the company behind popular cryptocurrency XRP has provided a statement clearing the rumors that suggested that the highly awaited Ripple stablecoin RLUSD would launch early in December.
Ripple took to the x platform countering the widespread rumor that suggested the company would be launching RLUSD on the mainnet.
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. Stay tuned…
— Ripple (@Ripple) December 4, 2024
In a significant step towards its stablecoin launch, Ripple is collaborating closely with the New York Department of Financial Services (NYDFS) to secure the necessary regulatory approvals.
The company is committed to launching the stablecoin in full compliance with all applicable regulations, ensuring a secure and transparent financial product
Furthermore, Ripple pledged to provide regular updates on the launch progress. This announcement comes on the heels of a report by FOX Business journalist Eleanor Terrett, who cited sources with direct knowledge of the matter.
Terrett suggested that the New York Department of Financial Services (NYDFS) had signaled its approval for Ripple’s proposed USD-backed stablecoin, RLUSD. With this regulatory green light, Ripple is targeting a December 4th mainnet launch for the highly anticipated digital asset.
Following Ripple’s recent announcement, Terrett confirmed her previous reporting that the New York Department of Financial Services (NYDFS) is ready to approve RLUSD for launch. While December 4th was initially considered a potential launch date, unforeseen circumstances have delayed the rollout of the stablecoin.
Ripple’s much-anticipated stablecoin, RLUSD, remains in beta testing since early August. Once launched on the mainnet, RLUSD is designed to serve as a stable store of value for crypto users, offering a hedge against market volatility.
Additionally, RLUSD is intended to function as a bridge currency between two fiat currencies within Ripple’s payment solution, alongside XRP. However, regulatory hurdles, primarily related to NYDFS approval, have delayed the mainnet launch.
To comply with NYDFS regulations, Ripple acquired Standard Custody & Trust Company in June. This limited-purpose trust company, chartered by the New York financial regulator, is a crucial step towards securing regulatory approval for RLUSD.
Upon receiving the green light from NYDFS, Ripple plans to launch RLUSD. Standard Custody will then issue the stablecoin to Ripple’s exchange partners, including Uphold, MoonPay, Bitstamp, CoinMENA, Bullish, Bitso, and Independent Reserve.
Meanwhile, XRP has faced a short decline of 7.19% swapping hands with $2.37. Additionally, the digital asset has surged by 61.41% and 366.09% surge in the past week and month respectively.
XRP has significantly outperformed Bitcoin since November, surging by approximately 354% between November 1st and December 5th, while Bitcoin experienced a more modest 45.5% increase during the same period.
As a result of this strong performance, XRP’s value relative to Bitcoin climbed throughout November, culminating in a 3.5-year high of 0.00003012 on December 3rd. This upward trend was fueled by increased network activity and a generally optimistic market sentiment.
It’s interesting to note that this occurred as Bitcoin’s price surpassed the highly anticipated $100,000 mark, reaching a new all-time high of around $104,000.
