Ripple is pushing to launch its U.S. dollar-pegged stablecoin, RLUSD, by the end of 2024, though regulatory approvals and the holiday season could cause delays.

This sentiment comes from Ripple CTO David Schwartz. Speaking at The Block’s Emergence conference in Prague, Schwartz expressed optimism despite challenges.

“I’m very hopeful it will happen this year, but once you start running into Christmas and New Year’s, people are gone,” he said, according to The Block.

RLUSD was initially announced in April and will operate on both the XRP (XRP) Ledger and Ethereum (ETH). Testing began in August, and Ripple has partnered with exchanges Uphold, Bitstamp, and Bitso, alongside market makers B2C2 and Keyrock, to ensure liquidity.

No release on December 4 

One of the main obstacles is obtaining regulatory approval from the New York State Department of Financial Services

There was speculation that Ripple’s stablecoin would be released on December 4. However, the company addressed this speculation on X, stating, “Despite some rumors, RLUSD isn’t launching today. We’re working closely with the NYDFS on final approval and will share updates as soon as possible.”