Ripple, a San Francisco-based crypto payment firm, is speeding up efforts to roll out its Ripple USD (RLUSD) stablecoin. Recent token transfers reveal this momentum, as 4 million RLUSD moved from the treasury to undisclosed XRP Ledger-based wallets. This significant activity hints at an impending launch, capturing the attention of the XRP community.
Mystery Transfers Involve Major Exchanges
While the identities behind these RLUSD transfers remain unknown, the XRPWallets community account tracked the movement. Their findings suggest the transactions occurred between Ripple and prominent U.S. cryptocurrency exchanges, including Bitstamp and Kraken. The involvement of these major players raises anticipation for broader exchange support for RLUSD.
Related article: Ripple’s RLUSD Positioned for Dominance in the $3 Trillion Stablecoin Market
Ripple CEO Brad Garlinghouse recently announced that the company had secured final approval for RLUSD from the New York State Department of Financial Services (NYDFS). With this regulatory milestone achieved, Ripple aims to list RLUSD on partner exchanges soon. Garlinghouse assured the XRP community that Ripple would officially announce the stablecoin’s launch.
XRP Community Awaits Launch Date
Following the NYDFS approval, market watchers expected RLUSD’s launch to coincide with the New York Stock Exchange’s (NYSE) opening. However, no official confirmation has been made. While speculation continues, Ripple still has time to meet its end-of-year launch goal.
Related article: Ripple Burns RLUSD Tokens: Is a Stablecoin Launch on the Horizon?
With only two weeks remaining in 2024, many in the community remain hopeful. Ripple’s foray into the stablecoin market positions RLUSD as a potential competitor to established players like USDC and USDT.
Analysts project the stablecoin market to reach $2.3 trillion in the coming years, offering ample room for RLUSD to carve out a significant share. As Ripple’s launch draws closer, its impact on the broader stablecoin landscape will be closely watched.
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