Ripple CEO Announces Upcoming Launch of RLUSD Stablecoin

During a recent fireside chat at Korea Blockchain Week In Seoul, Ripple CEO Brad Garlinghouse provided important updates on the company’s upcoming initiatives. Garlinghouse revealed that Ripple is moving closer to launch of its US dollar-pegged stablecoin, known as Ripple USD (RLUSD).

The stablecoin is still in its private closed beta phase, though its public release is expected in a matter of weeks, not months. The announcement comes after Ripple announced last month that it had begun experimenting with RLUSD on two blockchain networks, in what is seen as a calculated push to improve its position in the stablecoin market.

Garlinghouse Comments also focused on the overall stablecoin market, with 70% and 21% owned by Tether and USD Coin holders, respectively. This is seen as a timely entry for Ripple with RLUSD, especially after USDC’s de-pegging, which took place about 18 months ago, hinting at a possible change in trend.

Garlinghouse rejects US IPO, criticizes SEC’s stance on cryptocurrencies

On the IPO issue, Garlinghouse showed no willingness to open discussions on the matter in the United States. He said that one of the main concerns was the SEC’s tendency to view cryptocurrency companies as negative. These remarks highlighted the hypocrisy of the SEC in approving Coinbase’s IPO and then prosecuting it for the very activities it had approved. Garlinghouse also discouraged the inclusion of cryptocurrency companies in the United States, saying that the expense of regulating such companies was excessive.

Regarding the upcoming US presidential election, Garlinghouse suggested that regardless of who wins, there will likely be a changing of the guard in power. SECONDHe said the current SEC chairman’s name is Gary Gensler and that from what Garlinghouse has gathered at national conventions, the man is a pariah to both parties.

In a recent case, the court ordered Ripple to pay a $125 million fine, which is much less than the $2 billion originally sought by the SEC. Garlinghouse also highlighted the significance of this victory, saying it reaffirms Ripple’s confidence in its legal position and the potential impact on the entire cryptocurrency space.