The chief technology officer of Ripple, David Schwartz, recently addressed rumors about the RLUSD stablecoin. Schwartz said in a tweet that RLUSD would initially be available solely to institutions.
“It will probably only ever be provided directly to institutions,” Schwartz tweeted. “Are Circle’s USDC and Tether’s USDT available? I am unable to do it.”
Schwartz was addressing an X user’s question about whether RLUSD may initially be reserved for institutions exclusively, rather than crypto retail.
The X user raised the possibility that RLUSD may be shielded from stability issues and accusations of money laundering by limiting it to institutional users. Another stablecoin, USDT, has also come under fire for similar reasons.
Concerns regarding possible manipulation of the RLUSD stablecoin were further addressed by Schwartz, who said, “I don’t believe that’s likely to happen unless maybe in very early test stages before anybody is actually utilizing it to transfer or store value.”
The Ripple USD (RLUSD) token is now undergoing private beta testing on the Ethereum mainnet and XRP Ledger. According to reports, Ripple CEO Brad Garlinghouse hinted at a release date of “weeks” for the Ripple stablecoin at a recent XRPL event.
In light of Ripple’s deliberate approach to RLUSD’s introduction, Schwartz’s remarks provide insight into the impending launch.
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