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Ripple’s CEO Teases Upcoming RLUSD Stablecoin Launch

04.09.2024 17:30 1 min. read Alexander Stefanov
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Ripple’s CEO Teases Upcoming RLUSD Stablecoin Launch

At Korea Blockchain Week in Seoul, Ripple CEO Brad Garlinghouse shared that the company is nearing the launch of its new stablecoin, Ripple USD (RLUSD), which will be pegged to the U.S. dollar.

Garlinghouse revealed that Ripple is currently testing RLUSD in a private beta and expects to make it available within a few weeks. The stablecoin is being evaluated across two different blockchains and is intended to complement Ripple’s XRP tokens.

He also discussed the broader stablecoin landscape, referencing the devaluation of USDC 18 months ago as an opportunity for Ripple to enter the market with a stablecoin backed by a company already well-integrated with financial institutions.

The stablecoin market is currently led by USDT, which holds about 70% of the market share, followed by USDC at approximately 21%.

Regarding Ripple’s potential initial public offering (IPO) in the U.S., Garlinghouse expressed skepticism due to the SEC’s unfavorable stance toward the cryptocurrency industry.

He noted that while the SEC previously approved Coinbase’s IPO, it is now suing the exchange for actions it had earlier permitted. Garlinghouse advised entrepreneurs to avoid listing their crypto ventures in the U.S. to sidestep significant legal obstacles.

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

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