Ripple’s CEO on Upcoming Stablecoin Launch

Brad Garlinghouse, CEO of Ripple, stated the company is “very close” to launching its U.S. dollar-pegged stablecoin during a fireside chat at Korea Blockchain Week in Seoul, South Korea.

“We’re in a private kind of closed beta,” said Garlinghouse. “It’s called Ripple USD. RLUSD has been minted in that framework. We will certainly launch soon. Weeks, not months.”

Last month, Ripple announced testing of RLUSD on two blockchain networks. Monica Long, president of Ripple, confirmed in June that the stablecoin complements XRP tokens.

Garlinghouse noted, “Eighteen months ago, USDC depegged, and we felt like there was an opportunity for a credible player.”

Currently, USDT and USDC dominate the stablecoin market, with USDT accounting for about 70% and USDC for about 21% of the total supply, according to data from The Block.

No Interest in US IPO

When asked about a potential IPO in the U.S., Garlinghouse expressed “no interest” for Ripple, citing the SEC’s “pretty hostile” stance toward crypto.

“SEC approved Coinbase going public in the United States and now the SEC is suing Coinbase for the same things they approved,” he said. “Don’t incorporate in the United States. You’re just asking for more legal bills.”

Post-Election Forecast

Garlinghouse believes crypto will thrive regardless of the next U.S. presidential election outcome. He mentioned potential changes in SEC leadership, suggesting that current SEC chair Gary Gensler has lost popularity across party lines.

Ripple recently faced a judgment requiring them to pay $125 million, significantly less than the SEC’s proposed $2 billion, marking a victory for the company and the industry.

“There aren’t many companies that can stand up to a bully,” Garlinghouse commented on the SEC’s power.

OpenSea Enforcement ‘Unfortunate’

Garlinghouse described the SEC’s enforcement against NFT marketplace OpenSea as “unfortunate,” criticizing their position on NFTs being regarded as securities.

“Just because someone might speculate on the price of a piece of art doesn’t make it a security,” he stated. He voiced optimism for the next five years in crypto, anticipating legislative clarity that would improve the environment for digital currencies.

Garlinghouse highlighted the Financial Innovation and Technology for the 21st Century Act (FIT 21) as a legislative effort encouraging positive clarity for crypto in the U.S.