- What’s New
- The Progress So Far
- What’s Next
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.
