The management explained that the company must first obtain final approval from the New York State Department of Financial Services (NYDFS). This will ensure that the stablecoin meets high regulatory standards. Ripple promised to inform users about the launch of RLUSD.
The company announced this a few days after FOX Business journalist Eleanor Terrett reported that the stablecoin could be launched on December 4. Citing sources familiar with the situation, Terrett wrote on social media X that the NYDFS was already ready to approve RLUSD. Later, Terrett reported that the timeline for the token's launch had to be pushed back 'at the very last minute.'
To meet NYDFS requirements, crypto companies, including stablecoin issuers, must have a trust company with limited functions. For this, Ripple acquired Standard Custody & Trust Company in June. After regulatory approval, the stablecoin RLUSD is expected to appear on the crypto exchanges Uphold, MoonPay, Bitstamp, CoinMENA, Bullish, Bitso, and Independent Reserve.
Meanwhile, RLUSD is still in beta testing, which began in August. The stablecoin is intended to function alongside XRP as a bridging mechanism between two fiat currencies in Ripple's payment solution. In September, Ripple's Chief Technology Officer David Schwartz clarified that RLUSD would be available only to institutions, not retail investors.