Ripple recently announced on social media that the anticipated launch of its stablecoin, RLUSD, will not take place as initially speculated. The fintech company is currently collaborating closely with the New York Department of Financial Services (NYDFS) to finalize the necessary approval process and assures its stakeholders that updates will be provided promptly.
Ripple has reiterated its dedication to launching RLUSD under the strict oversight of NYDFS, ensuring compliance with the highest regulatory standards. Fox Business journalist Eleanor Terrett disclosed that two sources, privy to the situation, mentioned that the launch was initially expected to occur today.
However, unforeseen developments at the last moment have caused this delay. Earlier reports had indicated that Ripple was poised to secure approval from NYDFS to issue the stablecoin, with the original launch date projected for December 4, 2024. The company's emphasis on working through the regulatory process highlights the importance of compliance in the rapidly evolving stablecoin market..