As a seasoned researcher with a penchant for blockchain technology and a keen eye for detail, I find Ripple’s plans to launch its stablecoin, Ripple USD (RLUSD), intriguing. Having closely followed the crypto space for years, I can see that the stablecoin market is heating up, and it’s exciting to witness established players like Ripple diving in.
TL;DR
- Ripple plans to release its stablecoin, Ripple USD (RLUSD), pegged to the US dollar, by the end of 2024, primarily for institutional use.
- While beta testing has begun, the product is not yet publicly available. CTO David Schwartz dismissed concerns about potential misuse during early phases.
What’s New?
Earlier this week, Ripple created a splash when they declared their intent to join the stablecoin trend. So far, details have emerged that the product will be known as Ripple USD (RLUSD), which will be pegged to the U.S. dollar. The company is planning to release it before the end of 2024 and it will be accessible on the XRP Ledger (XRPL) and Ethereum network.
David Schwartz, Ripple’s Chief Technology Officer, has provided additional insight on an upcoming project. He stated that it is likely that the RLUSD will only be accessible directly to institutions. The executive also mentioned that individuals may not be able to obtain USDC from Circle or USD from Tether, as he himself cannot.
Although they concurred with the statement, one user of X pondered over the security measures in place for the short to mid-term protection of the stablecoin, particularly regarding authorized trustlines. This user also expressed concerns that RLUSD might potentially be linked to international money laundering operations and could be used to facilitate illicit activities.
Schwartz suggested that such a situation might not occur, except possibly during the initial testing phase when no one has begun using it extensively for storing value.
The Progress so Far
This summer, I’ve been eagerly participating in Ripple’s private beta testing of their upcoming product. For me, this is a significant step forward that might unlock fresh chances, enhance liquidity, and foster institutional usage for investors, coders, and apps alike.
In August, the team created the initial 185 RLUSD tokens, and soon afterwards, they destroyed these tokens. This action led some X users to believe that this might signify the conclusion of the beta testing phase, implying that the product could be launched very shortly.
Despite the current situation, RLUSD is not accessible for trading or acquisition at present. It’s crucial for users to stay vigilant as there may be fraudsters attempting to capitalize on Ripple’s brand by falsely claiming they have early access to sell Ripple USD.
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2024-09-09 10:56