Ripple Eyes Global Growth with RLUSD Stablecoin After SEC Victory
In a recent interview, Ripple president Monica Long discussed the conclusion of the SEC lawsuit against Ripple Labs, the upcoming launch of the RLUSD stablecoin, and the company's strategy for the XRP Ledger (XRPL).
With the legal battle over, Ripple is focusing on new developments, especially with XRP’s status clarified as not being a security.
Ripple Celebrates SEC Case Win, Says Monica Long
The lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against Ripple Labs ended with a court ruling that XRP is not a security. Long emphasized that this victory sets an important precedent for the entire crypto industry. CEO Brad Garlinghouse and Long had earlier acknowledged that Ripple’s international growth, particularly in Asia, now makes up 40% of its activity, with the firm looking beyond the U.S. due to regulatory challenges.
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There’s still a chance the SEC may appeal, with some legal experts predicting a potential appeal by October 7, particularly regarding secondary market sales.
RLUSD Stablecoin Set for Launch
Long also confirmed that Ripple plans to introduce its RLUSD stablecoin later this year, pending regulatory approval. The stablecoin, backed by U.S. dollars and short-term Treasury bills, will be aimed at financial institutions for settlement purposes. According to Long, RLUSD won’t affect XRP’s role in payments, as both assets serve different functions within the Ripple ecosystem. RLUSD will be integrated into decentralized exchanges (DEXs) on XRPL while XRP remains focused on transactions involving smaller market cap crypto assets.
Ripple is currently testing RLUSD on both the XRPL and Ethereum networks and sees potential for expansion in regions like Japan, where regulations are more favorable. Long also hinted at future enhancements to XRPL, including programmable features like smart contracts through the introduction of “Hooks.” Ripple continues to strengthen its ties with Japanese financial firm SBI Group, which could drive greater adoption of XRP and XRPL technology in Japan.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
