Speaking at the Korea Blockchain Week event in Seoul, Garlinghouse said Ripple is in the final stages of closed beta testing of RLUSD, which began in August. The official launch of the stablecoin should happen in the next few weeks, not months, he promised.
The head of Ripple emphasized that the appearance of RLUSD in the XRP ecosystem fulfills the company’s plans to create a reliable means of payment that can bridge the gap between traditional and decentralized finance. Ripple intends to enter the $150 billion stablecoin market, which is currently dominated by USDT and USDC coins.
“Eighteen months ago, USDC temporarily de-pegged from the dollar, and we felt it was an opportune time for Ripple to enter the stablecoin space as a trusted player already partnering with many financial institutions,” Garlinghouse said.
Ripple CEO has denied rumors of the company going public in the United States. Ripple is not interested in entering the US market given the hostile stance of the US Securities and Exchange Commission (SEC) towards the crypto industry, Garlinghouse said. He advised crypto entrepreneurs to launch their businesses in other jurisdictions to avoid litigation with the SEC. Garlinghouse believes that the market will remain resilient regardless of the outcome of the upcoming US presidential election, and that the SEC will have new guidance that will bring clarity to cryptocurrency regulation.
In June, Ripple’s CEO called for SEC Chairman Gary Gensler to resign, accusing him of prosecuting digital asset companies and failing to engage with crypto industry participants.
Source: Bits
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