{"id":4747,"date":"2024-09-09T07:43:40","date_gmt":"2024-09-09T07:43:40","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=4747"},"modified":"2024-09-09T07:43:40","modified_gmt":"2024-09-09T07:43:40","slug":"important-ripple-xrp-update-for-2024","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=4747","title":{"rendered":"Important Ripple (XRP) Update for 2024"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Ripple plans to release its stablecoin, Ripple USD (RLUSD), pegged to the US dollar, by the end of 2024, primarily for institutional use.
\nWhile beta testing has begun, the product is not yet publicly available. CTO David Schwartz dismissed concerns about potential misuse during early phases.<\/p>\n

<\/a><\/span><\/h2>\n

What\u2019s New?<\/h2>\n

Ripple made waves earlier this <\/span>earlier when announcing<\/a> it will jump on<\/span> the stablecoin bandwagon. So far, the team has revealed that the product will be called Ripple USD (RLUSD) and <\/span>will be<\/span> pegged to the American <\/span>dollar<\/span>. The company aims to launch it before the end of 2024 and it will be available on the XRP Ledger (XRPL) and Ethereum.<\/span><\/p>\n

Most recently, David Schwartz (Ripple\u2019s Chief Technology Officer) shed more light on the upcoming initiative. He <\/span>said<\/span><\/a> RLUSD \u201cwill probably\u201d only be available directly to institutions. \u201cCan you get USDC from Circle or USD from Tether, because I can\u2019t,\u201d the exec added.<\/span><\/p>\n

Despite agreeing with that comment, one X user wondered how the stablecoin <\/span>will<\/span> be protected in the short to <\/span>mid terms with authorized trustlines<\/span>.<\/span> The enthusiast also warned that RLUSD may become part of the international money laundering network and facilitate other illegal activities.\u00a0<\/span><\/p>\n

Schwartz claimed this scenario isn\u2019t likely to happen \u201cexcept maybe in very early test phases before anyone is <\/span>really<\/span> using it to more or store value.\u201d<\/span><\/p>\n

The Progress so Far<\/span><\/h2>\n

Ripple started private beta testing for the forthcoming product earlier this summer, describing the effort as a \u201csignificant milestone<\/span>\u201c<\/span> \u00a0that could drive \u201cnew opportunities, liquidity, and institutional use cases for users, developers, and applications.\u201d<\/span><\/p>\n

In August, the team <\/span>minted<\/span><\/a> the first 185 RLUSD, while several days later, it <\/span>burned<\/span><\/a> the stash. Some X users speculated that this could mark the end of the beta testing phase, meaning the product is ready to see the light of day any minute.\u00a0<\/span><\/p>\n

Nonetheless, RLUSD remains unavailable for trading or purchase at this point. Ripple\u2019s team also alerted users to pay extra attention as they might become victims of bad actors who \u201cmay exploit Ripple\u2019s<\/span>\u00a0<\/span><\/strong>brand and purport to have early access to sell Ripple USD.\u201d<\/span><\/p>\n

The post Important Ripple (XRP) Update for 2024<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Ripple plans to release its stablecoin, Ripple USD (RLUSD), pegged to the US dollar, by the end of 2024, primarily for institutional use. While beta testing has begun, the product is not yet publicly available. CTO David Schwartz dismissed concerns about potential misuse during early phases. What\u2019s New? Ripple made waves earlier this earlier […]<\/p>\n","protected":false},"author":0,"featured_media":4748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4747"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4747"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4747\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/4748"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}