Ripple CEO Sees Potential for Yen Stablecoin but Focuses on US First
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Ripple CEO Brad Garlinghouse sees Japan as a promising market for stablecoins and expects strong interest in a Japanese yen stablecoin.
However, he did not commit to launching one in Japan until Ripple has introduced its stablecoin in the United States.
Garlinghouse noted Japan’s “conservative” nature but praised its robust regulatory framework for stablecoins and cryptocurrencies, which he believes supports entrepreneurship and investment. He mentioned that Japan is ahead of countries like the US in regulatory clarity.
Ripple plans to prioritize a US dollar-pegged stablecoin before exploring options in Japan. Garlinghouse emphasized the need for regulatory alignment in the US before launching, though he sees potential for global and Japanese stablecoin markets.
On August 9, Ripple Labs began testing its US dollar-backed stablecoin, Ripple USD (RLUSD), on the XRP Ledger and Ethereum, with future plans for broader blockchain integration. Meanwhile, Japan’s top banks are supporting Datachain’s new stablecoin platform, Project Pax, for cross-border transactions.
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