Ripple to Launch US Dollar-Pegged Stablecoin Soon

Ripple is preparing to launch its new stablecoin, Ripple USD (RLUSD), according to CEO Brad Garlinghouse, who spoke at Korea Blockchain Week.

The stablecoin, which is currently being tested on the XRP ledger and Ethereum, is expected to be available within weeks.

This initiative, first announced in April, aims to enhance payment solutions by integrating RLUSD with traditional and decentralized finance systems.

The stablecoin will be fully backed by USD and short-term US government securities, intending to improve Ripple’s financial infrastructure and expand its applications.

Ripple’s entry into the stablecoin market will put it up against established rivals such as Tether (USDT) and Circle’s USDC, which currently dominate the space. Despite this competition, Ripple sees significant potential for its new offering.

Garlinghouse also addressed Ripple’s decision to avoid a US IPO due to regulatory challenges with the SEC, citing Coinbase’s recent legal troubles as a cautionary example. He remains optimistic about the future of crypto, anticipating that regulatory clarity will improve post-election.

In response to the SEC’s actions against OpenSea, Garlinghouse criticized the regulator’s stance, asserting that NFTs should not be considered securities. He is hopeful for more favorable regulations in the near future.

Author

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.