Ripple to Launch Ripple USD (RLUSD) Stablecoin by the End of 2024

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. What’s New
  2. The Progress So Far
  3. What’s Next


    4. Ripple plans to release its stablecoin, Ripple USD (RLUSD), pegged to the US dollar, by the end of 2024. The coin is primarily aimed at institutional use.

    What’s New

    Recently, Ripple announced its plans to release a stablecoin named Ripple USD (RLUSD), which will be pegged to the American dollar and available on the XRP Ledger (XRPL) and Ethereum by the end of 2024. Chief Technology Officer David Schwartz mentioned in August 2023 that RLUSD will likely be available directly to institutions only. He also addressed concerns that the stablecoin might become part of an international money laundering network during its early testing phases, stating that this could only occur in the very early test phases before it sees active use.

    The Progress So Far

    Ripple began private beta testing for the new coin earlier this summer, describing it as a significant milestone that could create new opportunities and liquidity for users, developers, and applications. In August, the team minted the first 185 RLUSD and then burned the stash a few days later. Some X users speculate that this marks the end of the beta-testing phase, indicating that the product is nearly ready for public release. However, currently, RLUSD remains unavailable for trading or purchase, and Ripple has warned users to be vigilant against scammers offering early access to the coin.

    What’s Next

    Ripple continues to work on the final version of RLUSD, focusing on security and institutional functionality. The exact public release date is unknown, but the company aims to roll it out by the end of 2024.

    The release of Ripple USD (RLUSD) could mark a significant development for the financial sector, offering new opportunities for institutional investors and developers. Despite ongoing testing phases, Ripple's team is actively working to ensure the coin meets all security standards and is released on time.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Gate Launches Innovative Proof of Security Framework

Gate has launched a new asset security verification framework called Proof of Security (PoSEC), becoming the first digital asset trading platform to implement such a system.

user avatarMiguel Rodriguez

US DOJ Launches Task Force to Combat AI Misuse

The US Department of Justice has launched a task force to combat the misuse of advanced artificial intelligence, ensuring American leadership is not compromised by bad actors.

user avatarLuis Flores

Mercado Bitcoin Suffers Major Security Breach with $48 Million Stolen

Mercado Bitcoin has reported a significant security breach, with over $48 million in assets stolen across 11 blockchains. The breach occurred on November 2, 2023, challenging the exchange's claims of containment.

user avatarArif Mukhtar

Trump's Stock Market Celebration Turns Sour

President Trump's celebration of Wall Street's highs quickly turned negative as the SP 500 plunged, prompting discussions of emergency trading halts.

user avatarMaria Gutierrez

Market Faces Emergency Trading Thresholds Amid Selloff

The US stock market approached emergency trading thresholds as the SP 500 faced significant declines, raising concerns among traders.

user avatarDavid Robinson

Thailand's SEC Takes Action Against Bitget for Unlicensed Operations

Thailand's SEC has filed a criminal complaint against BG Limited for allegedly operating the cryptocurrency exchange Bitget without a license.

user avatarAndrew Smith

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.