Ripple (XRP) Accelerates Preparations for Its Anticipated Ripple USD (RLUSD) Stablecoin Launch

San Francisco-based crypto payment provider Ripple is reportedly accelerating preparations for its much-anticipated Ripple USD (RLUSD) stablecoin.

Ripple is reportedly accelerating preparations for its much-anticipated Ripple USD (RLUSD) stablecoin, as evidenced by recent token transfers. Four million RLUSD were moved from the treasury to unknown XRP Ledger wallets, according to data analyzed by the community account XRPWallets.

The transfers indicate movements between Ripple and major U.S. cryptocurrency exchanges Bitstamp and Kraken, as they are the only parties known to have activated XRP Ledger addresses with trust lines as high as those involved in the RLUSD transactions.

A Bitstamp-activated address received 2 million RLUSD, while an address activated by Kraken received the remaining tokens, according to XRPWallets. Notably, an address credited with RLODN (Ripple Old Notes) has a trust line set for 10 quadrillion tokens, suggesting that it may be involved in large-scale stablecoin operations.

As previously reported by Cointelegraph, Ripple CEO Brad Garlinghouse announced on Dec. 29 that the NYDFS had granted final approval for RLUSD. With the exchange and partner listings set to go live soon, Garlinghouse stated that the community would hear about the stablecoin launch directly from Ripple.

Following the announcement, many market participants anticipated the stablecoin to launch on Jan. 3, as the New York Stock Exchange (NYSE) prepared to open for the day. However, with about six hours left until the NYSE closes, there is still no confirmation of RLUSD going live.

The end of the year is still marked as the deadline for stablecoin launches, and with just under two weeks left, Ripple still has time to ship its stable token solution before 2024 concludes.

It will be interesting to observe whether RLUSD will emerge as a direct competitor to USDC and USDT. The stablecoin market is projected to reach $2.3 trillion in the coming years, leaving ample room for growth.