Ripple Labs CEO Brad Garlinghouse said his firm is close to launching a new stablecoin. The asset, pegged to the US dollar, will hit the market within weeks, the businessman said during a speech at the Korea Blockchain Week conference, writes The Block.
According to Garlinghouse, the Ripple USD (RLUSD) stablecoin is currently in beta testing. The developers are making the final changes to the project before its full-scale launch, he noted.
The company is confident that RLUSD will be able to complement the XRP token and expand Ripple’s capabilities in the cryptocurrency market. The situation in the stablecoin segment contributes to the release of a new asset, Garlinghouse believes.
The entrepreneur emphasized that Ripple is a “reliable player” in the industry and cooperates with many financial institutions. This will allow the company to gain its share of the stablecoin market, the businessman said.
In addition to the new asset launch situation, Garlinghouse spoke about rumors regarding Ripple’s IPO. He stated that the company has no plans to do so in the US.
The businessman also spoke about the upcoming presidential elections in the United States. In his opinion, cryptocurrencies will win in any case, regardless of which party’s candidate becomes the head of state.
At the same time, Garlinghouse is sure that the current head of the SEC, Gary Gensler, has harmed his party. His actions have alienated many voters from the Democrats, according to the CEO of Ripple.
The entrepreneur emphasized that his company successfully confronted the regulator in court and won a case that was important for the entire industry. This concerns the sale of XRP tokens to institutions, for which the court fined Ripple $125 million. The SEC initially demanded a payment of $2 billion, but was unable to achieve its goal during the consideration of the case.
Ripple’s CEO also mentioned NFT platform OpenSea, which recently received what’s known as a “Wells Notice” from the SEC. This document often signals a possible lawsuit. The SEC typically sends it before filing a formal lawsuit or giving it a final opportunity to refute allegations.
Garlinghouse said the platform’s situation was “regrettable” and generally a bad sign for the non-fungible token space, emphasizing that the regulator views NFTs as securities.
However, such assets are often considered art objects, which changes the case greatly, the businessman noted. For this reason, the SEC will lose the case, Garlinghouse is sure.
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Source: Cryptocurrency
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