Ripple CEO Announces Near Launch of RLUSD Stablecoin

Brad Garlinghouse, announced during the Korea Blockchain Week in Seoul that Ripple is nearing the launch of its stablecoin. He revealed that the company is in a “private closed beta” phase for the new stablecoin, called Ripple USD (RLUSD), and expects to launch it within weeks, not months.

🚨 @Ripple CEO @bgarlinghouse announced at Korea Blockchain Week that Ripple's USD-pegged stablecoin, $RLUSD, will launch "in weeks, not months."

The coin will be fully backed by U.S. dollars and available on both the XRP Ledger and Ethereum. pic.twitter.com/WFKDuWgq3F
— Satoshi Club (@esatoshiclub) September 4, 2024

Ripple has been testing RLUSD on two blockchain networks and plans for it to complement XRP tokens. Garlinghouse highlighted that the stablecoin aims to address gaps in the market left by recent USDC depegging issues. Currently, the stablecoin market is led by USDT, which holds about 70% of the market share, and USDC, with approximately 21%, according to data from The Block.

Ripple Rules Out U.S. IPO

Garlinghouse expressed a lack of interest in taking Ripple public in the U.S. due to the Securities and Exchange Commission’s (SEC) “hostile” stance toward cryptocurrencies. He criticized the SEC for approving Coinbase’s public offering only to later sue the company for similar reasons. He advised entrepreneurs to avoid incorporating in the U.S. to sidestep costly legal battles.

Garlinghouse is optimistic about the future of cryptocurrency regardless of the outcome of the upcoming U.S. presidential election. He believes new leadership will emerge in the SEC, criticizing current chair Gary Gensler’s negative impact on the party and his loss of support from both political sides.

Rple’s Legal Victory and Future

Ripple recently settled a prolonged legal dispute with the SEC, agreeing to pay a $125 million fine, which is significantly less than the SEC’s original $2 billion proposal.

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Ripple and Garlinghouse viewed the settlement as a victory for the company and the broader crypto industry.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.