In response to escalating rumors about Ripple’s upcoming RLUSD stablecoin, David Schwartz, the company’s chief technology officer (CTO), clarified the intended audience and the release strategy. Schwartz’s tweet suggested that institutions would likely be the first to receive RLUSD.
Schwartz told a user on X (formerly Twitter) who asked about it, “It will probably only ever be available directly to institutions.” Is it possible to get USDC or USDT from Circle or Tether? “Because I can’t.” His words were part of a larger conversation about how easy it is to get RLUSD, as worries about how simple it is for regular crypto investors to get it grow.
Ripple On Institutional Access.
According to the person, only allowing institutional players access to RLUSD could shield the stablecoin from issues that have plagued other assets in the same market, such as USDT, which has faced accusations of money theft and stability problems.
Schwartz put people’s minds at ease by telling them, “I don’t think that’s likely to happen except maybe in very early test phases before anyone is really using it to move or store value.” This fits with Ripple’s careful method to making sure RLUSD is stable as it gets closer to going public.
Both the XRP Ledger and the Ethereum mainnet are currently testing RLUSD in closed beta. Brad Garlinghouse, CEO of Ripple, said that the coin’s official launch could be in just a few “weeks.” At a recent XRPL event, Garlinghouse stressed that the stablecoin’s release is getting closer as Ripple works to make it perfect before releasing it to more people.
In April, Ripple first talked about its plans for RLUSD. They announced a 1:1 tie between the stablecoin and the U.S. dollar. Ripple wants to improve its position in institutional markets and decentralized finance (DeFi).
The project’s goal is to connect traditional financial systems with the decentralized ecosystem. Ripple promised monthly third-party attestations and backed the RLUSD with U.S. dollar deposits, government bonds, and cash equivalents as part of its commitment to full openness.
Ripple wants the XRPL developer community to encompass more than just RLUSD. By 2025, the company wants to add smart contracts and more programmable features to its ledger. This project will utilize both the XRPL EVM sidechain and potentially native mainnet features, providing developers with a wider range of options.
