David Schwartz addressed queries about the RLUSD stablecoin as it approaches launch.
David Schwartz, Ripple’s CTO, offered insight into what the RLUSD, Ripple’s stablecoin slated to be released soon, would look like. He took to X to address a question one Ripple enthusiast had.
Replying to a question about whether RLUSD would only be available to institutional users, Schwartz mentioned on X, “It will probably only ever be available directly to institutions. Can you get USDC from Circle or USDT from Tether, because I can’t.” Supplying RLUSD to institutions will help prevent its usage in criminal activities and money laundering schemes. For instance, other stablecoins, like the USDC and USDT, have been linked to money laundering.
Beyond that, Schwartz replied to a question about RLUSD being manipulated, stating, “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.”
Ripple CEO Brad Garlinghouse revealed that the company’s stablecoin is set to launch to the public in weeks during a fireside chat during Korea Blockchain Week. He also mentioned that Ripple is currently testing RLUSD on two blockchain networks in its closed beta stage.
RLUSD’s beta testing kicked off in August, with the firm diving into the stablecoin niche as it expects the stablecoin market cap to grow to $2.8 trillion by 2028. The asset will be pegged 1:1 to the US dollar and be backed by US dollar deposits, short-term US government treasury bills, and other cash equivalents. Ripple plans to release monthly third-party audits of the reserves to maintain transparency.
Ripple To Support Smart Contracts In a Few Months
While the RLUSD stablecoin is one thing to watch out for immediately, Ripple has other developments slated for the coming months. It announced that developers can deploy EVM-compatible smart contracts on the XRP EVM sidechain with the upgrade.
