Ripple Labs Inches Closer to Launching RLUSD Stablecoin, Targeting Tether and Circle's USDC

XRP issuer Ripple Labs is inching closer to launching its Ripple USD (RLUSD) stablecoin, which was publicized earlier this year.

Ripple Labs is nearing the launch of its Ripple USD (RLUSD) stablecoin, which was announced earlier this year. Ripple will enter the competitive stablecoin market, currently dominated by Tether’s USDT and Circle’s USDC.

CEO Brad Garlinghouse first mentioned the stablecoin and presented RLUSD at the XRP Ledger Community Summit (XRPL Apex) in Amsterdam. While an official launch date was not disclosed, President Monica Long hinted at a 2024 launch.

As the San Francisco-based company edges closer to the launch, it has unveiled a separate website for the stablecoin project. Ripple aims to utilize blockchain technology through the XRP Ledger to facilitate cross-border transactions. The launch of the website has sparked excitement within the XRP community.

Just In: #Ripple Labs has launched the official website for its new RLUSD stablecoin! ?? Set to launch on the #XRP Ledger, RLUSD aims to compete with #Tether and USD Coin. ??? pic.twitter.com/euWgVEhOql

— Collin Brown (@CollinBrownXRP) August 4, 2024

The RLUSD stablecoin, pegged to the U.S. dollar, will play a key role in the crypto industry by offering holders a low-cost and high-speed cross-border payment option. Initially, the stablecoin will be launched on both the XRP Ledger and Ethereum, providing access to different ecosystems.

However, as the community celebrates the ecosystem’s expansion, some legal experts are cautioning that the launch of RLUSD may trigger a new lawsuit. On the surface, the launch of the website and the impending RLUSD launch suggest that Ripple is confident in an imminent favorable conclusion to the ongoing Ripple v. SEC lawsuit.

While Ripple and some legal experts are optimistic about a Ripple win in the XRP lawsuit, others warn that the SEC could pursue the fintech company for launching RLUSD. XRP advocate and lawyer Fred Rispoli also expressed this concern.

Any issues the SEC has with $RLUSD is for another lawsuit and cannot be bootstrapped to one that is about to end!

The SEC is facing potential defeat in the four-year-long case due to legal technicalities and the possibility of Donald Trump winning the upcoming November elections. Trump has pledged to dismiss SEC Chair Gary Gensler, a move that would favor crypto-friendly regulations and potentially conclude the Ripple case. The change in administration could further complicate any potential case involving the new stablecoin venture.

XRP Price Slips Amid Market-Wide Bloodbath

At press time, XRP is trading at $0.4761 after dropping 10% over the last 24 hours. This brings the 7th-ranked altcoin’s weekly losses to 21%.

The drop is part of a market-wide decline that has affected Bitcoin and other global markets. The crypto market is expected to rebound amid speculation that a U.S. recession is now less likely.

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