Ripple, a provider of enterprise blockchain and crypto solutions, clarified that its USD-pegged stablecoin, RLUSD, is not yet launching.
While there has been speculation about the launch date, Ripple stated on social media that it is awaiting final approval from the New York Department of Financial Services (NYDFS).
The stablecoin, first announced earlier this year, is set to be fully backed by a mix of US dollar deposits, short-term US government securities, and similar cash equivalents.
At launch, RLUSD will be integrated with both the XRP Ledger and the Ethereum blockchain, with future plans to expand its use across additional blockchains and the decentralised finance (DeFi) ecosystem.
The company also plans to maintain transparency through a rigorous auditing process conducted by an independent accounting firm and the release of monthly attestations.
Ripple has taken significant steps to prepare for the rollout, including acquiring Standard Custody & Trust Company, a New York-licensed trust company, and appointing Jack McDonald, Standard Custody’s CEO, to lead the stablecoin initiative.
Featured image credit: Edited from Freepik
