Ripple CEO Brad Garlinghouse announced that the company’s dollar-pegged stablecoin, Ripple USD (RLUSD), is close to its public release. According to a report on Wednesday, Garlinghouse confirmed that RLUSD is currently in a private beta phase and is expected to be publicly available within weeks. The stablecoin is designed to complement the XRP token and is Ripple’s latest move into the fast-growing stablecoin market.
Stablecoin Market Shakeup
Traditionally led by USDT and USDC, the stablecoin sector has been awaiting new competitors. Garlinghouse hinted at Ripple’s strategic timing, noting that the company began exploring this opportunity when USDC briefly lost its dollar peg 18 months ago. With RLUSD, Ripple hopes to challenge the dominance of other stablecoins by leveraging its strong connections within the financial industry.
In June, Ripple President Monica Long stated that RLUSD had been successfully tested on two blockchain networks. This announcement signaled significant progress for Ripple’s stablecoin initiative. Garlinghouse’s latest statements have increased expectations, assuring the audience that the launch is just “weeks, not months” away.
IPO and Regulatory Issues
Garlinghouse also discussed Ripple’s position on an IPO in the U.S. He stated that Ripple has “no interest” in the same due to the existing regulatory challenges. The SEC came under fire for what critics said was its arbitrary policy on cryptocurrencies. Coinbase received the green light to go for an IPO, followed by a lawsuit from the same regulator. Ripple has been in the middle of its legal war with the SEC concerning the status of XRP as a security.
Is Ripple’s XRP Worth the Wait? Market Experts Weigh InRipple Legal Victory
As reported earlier by CryptoTale, Ripple won a partial victory after the court lowered the fine to $125 million from the initial $2 billion demanded by the SEC. Also, the court stated that some of the company’s XRP sales are not considered violating securities laws, which is positive for Ripple.
Garlinghouse believed that the next U.S. presidential election might change the SEC’s leadership and, therefore, to more positive regulation. He also slammed SEC chairman Gary Gensler, saying he damaged the crypto space and his political side.
However, Garlinghouse is still hopeful about the company’s potential and future. He pointed out that the company has been under regulatory pressure and stressed that Ripple is determined to move forward. The creation of RLUSD and the ongoing legal struggle between Ripple and U.S. regulators will probably define the company’s future actions in the near future.
