Ripple’s David Schwartz hopes the stablecoin launches by year’s end but acknowledges hurdles

“I remain optimistic that we will be able to launch by the end of the year,” stated Ripple CTO David Schwartz during his presentation at The Block’s Emergence crypto conference.

The company’s CTO, David Schwartz, remains optimistic despite the fact that time is ebbing for Ripple to achieve its objective of launching its U.S. dollar-pegged stablecoin by the end of the year.

“I remain optimistic that we will be able to launch by the end of the year,” Schwartz stated on Friday at The Block’s Emergence conference in Prague. Ripple declared in April that it would introduce a stablecoin that would initially be accessible on Ethereum and the XRP Ledger.

In August, Ripple initiated the testing of the Ripple USD (RLUSD) stablecoin. In October, Ripple selected Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish as its exchange partners for the launch of RLUSD. Market markers B2C2 and Keyrock were also selected to support the liquidity of the platform.

Schwartz acknowledged that the approaching holidays may result in a delay, despite his optimism regarding Ripple’s ability to meet its year-end launch target.

“The most frustrating aspect for us is that we are approaching the holidays and have collaborators who are eager to begin immediately,” he stated. “I really hope that happens this year, but it seems like everyone disappears as soon as Christmas and New Year’s roll around.”

Schwartz stated that a significant priority is ensuring that Ripple’s partners can launch in a “coordinated manner” and “do not encounter any issues.” He also mentioned that the regulatory process is quite cumbersome.

According to him, there are numerous factors to consider, “the most important of which is that the stablecoin is being overseen by the New York State Department of Financial Services, which is considered the premier regulatory body for stablecoins. The department is reviewing our procedures, ensuring compliance, and other related matters. We are eager to put the launch difficulties behind us, but we will eventually arrive.”

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