As a seasoned researcher with years of experience in the ever-evolving world of cryptocurrencies, I’ve learned to navigate the seas of speculation and anticipation that often accompany major crypto announcements. The recent Ripple stablecoin saga is no exception. While it’s always exciting to be part of such a dynamic industry, the rollercoaster ride of expectations can sometimes feel like a never-ending game of ‘guess the launch date’.
Ripple has clarified the rumors concerning the release of its highly anticipated RLUSD stablecoin. The cryptocurrency community had been buzzing about a possible launch on December 4th. However, with that date having come and gone without the launch of RLUSD, Ripple stepped forward through X to set the record straight.
Contrary to some rumors, the release of RLUSD did not occur on December 4th. (Rumor refers to the speculation and release refers to the launching.)
As a dedicated researcher, I am deeply invested in our collaboration with the New York Department of Financial Services (NYDFS). We are diligently working towards securing their final approval before we can confidently move forward with our planned launch.
According to a statement from Ripple, we’re aligning ourselves with the New York Department of Financial Services (NYDFS) regarding final approval. Updates will be provided as soon as they become available. Our dedication is unwavering in launching our platform under NYDFS supervision and maintaining the highest level of regulatory compliance standards.
Ripple stablecoin in beta testing
The digital currency known as RLUSD functions with a 1-to-1 exchange rate against the US dollar. This stability is ensured by holding US dollar deposits, short-term U.S. government Treasury bonds, and equivalent liquid assets in its reserves.
Starting from early August, the RLUSD stablecoin has been undergoing beta testing on both the XRP Ledger (XRPL) and Ethereum‘s main network. Ripple plans to progressively broaden the scope of RLUSD by integrating it with additional blockchains and DeFi platforms.
In the Ripple system, it’s anticipated that the RLUSD stablecoin will take on a crucial function. Previously, Ripple President Monica Long mentioned that RLUSD was intended to be both “supportive” and “enhancing” to XRP. With the NYDFS’s approval still pending, the crypto community is excitedly waiting for more details about this highly anticipated debut.
In the meantime, it’s important for the crypto community to stay vigilant since unscrupulous individuals may try to capitalize on the upcoming release of Ripple’s stablecoin by orchestrating scams.
This past week, I received a reminder from Ripple about the surge in fraudulent activities, emphasizing that Ripple will never solicit anyone for XRP transfers. Moreover, it was clarified that neither Ripple’s executive team nor any other representative of the company would ever ask for such transactions.
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2024-12-05 14:45