As of December 5, 2024, Ripple, popularly known for its cross-border transactions in the crypto community, has postponed the launch of its USD-backed stablecoin, $RLUSD, citing regulatory approval processes with the New York Department of Financial Services (NYDFS).
In a post on X, Ripple said, “$RLUSD isn’t launching today.”
Meanwhile, the market price of XRP has fluctuated due to this postponement, falling from $2.59 to $2.31 in the last few hours. As a result of the statement, XRP’s trading volume fell by almost 40% to $26.02 billion.
The token has now lost its recently earned ranking of the third-largest cryptocurrency by market capitalisation, according to CoinMarketCap.
However, XRP remains ahead of Solana (SOL) even as Bitcoin reached its all-time high on Dec. 4.
In addition to the announcement, Ripple said it is committed to launching RLUSD after it had introduced it in April, but more importantly is complying with the necessary regulatory measures, especially from the Department of Financial Services.
Once approved, RLUSD will become one of the several stablecoins backed by US dollars, with the stablecoin market predicted to reach a value of over $2.8 trillion by 2028.
The statement added that both Ripple’s native tokens, XRP and RLUSD will be used in its cross-border payment activities.
