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Ripple CEO Teases Launch of New Stablecoin RLUSD in Coming Weeks: What to Expect in the Cryptocurrency Market

Ripple CEO Brad Garlinghouse Announces Upcoming Launch of RLUSD Stablecoin

Ripple’s CEO, Brad Garlinghouse, revealed during the recent Korea Blockchain Week that the new USD-pegged stablecoin, Ripple USD (RLUSD), will officially debut in the coming weeks. According to The Block, Garlinghouse mentioned that RLUSD is currently in the final stages of closed testing and is set to be released within a few weeks.

RLUSD Testing and Design

In August 2024, Ripple announced the commencement of RLUSD testing on two blockchain networks. Monica Long, Ripple’s president, elaborated in June 2024 that RLUSD was designed to expand the utility of the XRP token. Garlinghouse highlighted the significance of this move by stating, “Approximately 18 months ago, USDC decoupled from the USD. We saw this as a great opportunity for market entry, especially for businesses with established partnerships and high credibility within the financial sector.”

Stablecoin Market Landscape

Currently, the stablecoin market is dominated by USDT and USDC. Data indicates that USDT accounts for 70% of the total stablecoin supply, while USDC holds 21%. Despite speculation, Garlinghouse dismissed the idea of Ripple pursuing an initial public offering (IPO) in the United States due to the SEC’s hostile stance towards cryptocurrencies. He emphasized the need to avoid registering companies in the US to prevent unnecessary legal battles.

Ripple’s Legal Battles and Regulatory Environment

In a significant legal victory for Ripple in August 2024, the company was fined $125 million by the SEC after years of litigation, significantly lower than the initial $20 billion penalty proposed by the SEC. Garlinghouse viewed this ruling as a win for Ripple, especially as the court previously ruled that the sale of XRP tokens did not violate securities laws. He commended the company’s resilience and unwavering belief in standing on the right side of the law and history.

Outlook on Cryptocurrency Regulation and Future

Looking ahead, Garlinghouse expressed optimism about the future of cryptocurrencies over the next five years. He anticipated potential legislative support, not from the SEC but from elected officials. He referenced the FIT 21 Act, suggesting that this legislation could positively impact the cryptocurrency industry in the United States.

Conclusion

Despite facing regulatory challenges, Garlinghouse remains bullish on the cryptocurrency industry’s future. He criticized the SEC’s actions against NFT platform OpenSea, emphasizing the need for fair treatment and legal clarity in the space. Ripple’s journey towards introducing RLUSD and navigating the regulatory landscape reflects the evolving dynamics of the cryptocurrency market.

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