In his most recent interview, Brad Garlinghouse, the CEO of Ripple, disclosed both positive and negative developments regarding the XRP community and the cryptocurrency market.
In response to the significant developments in the US SEC v Ripple case, Garlinghouse discussed the launch plans for stablecoins, favorable regulatory developments offshore the United States, and crypto bipartisanship.
Ripple CEO Brad Garlinghouse Says the launch of Stablecoin is Imminent
Brad Garlinghouse, the CEO of Ripple, stated in an interview with Bloomberg that the company and the crypto market have a plethora of positive developments this year.
The crypto payments company intends to introduce the RLUSD stablecoin, which will be linked to the US currency. The Ripple CEO reiterated the company’s intention to introduce the stablecoin this year, anticipating that it will be launched within a few weeks due to the company’s rapid growth.
“We have consistently maintained a certain level of consistency.” We are committed to achieving a successful launch this year. Ripple’s operations are conducted in accordance with regulatory approval and licensing. According to Garlinghouse, “We will continue to ensure that we are in partnership with U.S. regulators before we launch the stablecoin.”
He perceives the potential for the global introduction of stablecoins, with Japan being particularly attractive due to its favorable regulations. However, they have verified that they intend to commence operations exclusively in the United States and are currently awaiting regulatory approval.
In What Ways Does RLUSD Differ from XRP in Terms of its Use Case?
Brad Garlinghouse stated that the organization has consistently employed XRP, the digital asset that is intrinsic to Ripple technologies, as a bridge asset for cross-border transactions.
Nevertheless, the primary justification for entering the stablecoin market is the anticipated value of 2-3 trillion within the next five years, the availability of corridors worldwide, and the demand from consumers.
“Given Ripple’s place in the payments infrastructure, as well as a trusted brand partnering with financial institutions and regulators. We felt like there’s an opportunity to enter the stablecoin market as that market continues to grow.”
Japan, Switzerland, and the United Kingdom are the Countries that the United States is Behind
Ripple CEO asserts that the United States is significantly behind Japan, the United Kingdom, and Switzerland in terms of regulations and regulatory clarity. He also asserted that the government’s enthusiasm for technology and the regulatory clarity in Japan will always contribute to the introduction of more innovations to a country.
Brad Garlinghouse, the CEO of Ripple, discussed the successful relationship between the Japanese financial behemoth SBI Group and Ripple since 2016. Additionally, partnerships are being established to promote the adoption of XRP and the XRP ledger in Japan.
In the most recent development in stablecoin in Japan, the three largest Japanese banks, MUFG, SMBC, and Mizuho, intend to implement a SWIFT-linked stablecoin system to facilitate cross-border payments. This initiative is referred to as “Project Pax.”
The CEO of Ripple Discusses the Disheartening Reality of the United States
Brad Garlinghouse did not address the Ripple vs SEC lawsuit; however, the court has issued a stay order to the company. Until disputes regarding a prospective SEC appeal are resolved, Ripple will maintain 111% of $125 million in a bank account.
He stated that the United States has been antagonistic toward cryptocurrency. The Biden administration’s unfavorable attitude has a negative impact on the crypto industry.
Rather than adopting the enforcement approach that other countries’ regulators have implemented, the US SEC has sued numerous companies in accordance with the regulation.
He clarifies that Ripple regards blockchain and cryptocurrency as bipartisan. Despite the fact that Donald Trump and regulators have become more pro-crypto, he maintains that one “shouldn’t care about a technology” based on political parties.
Some in the crypto industry were taken aback by Ripple co-founder Chris Larsen’s endorsement of Kamala Harris, the Democratic presidential nominee, recently.
