At the ongoing Kirea Blockchain Week, Ripple CEO Brad Garlinghouse revealed that his firm is “very close” to launching its US dollar-pegged stablecoin.
Background
- Earlier this year, Ripple announced that it would launch a USD-backed stablecoin, in a quest to bridge the gap between blockchain and TradFi
- The team said that the asset will be deployed on the XRP Ledger and the Ethereum mainnet
- In retrospect, this will help flush in liquidity to XRPL’s native DEX and parallelly bolster the Ethereum ecosystem
- The blockchain company plans to use both in-house assets — XRP and the stablecoin — in its payment solution
- At the time, Ripple also appointed Jack McDonald, the CEO of Standard Custody, as the Senior Vice President of Stablecoins
- Enterprise partners began rigorously testing the stablecoin in August
Why should you pay attention?
- With several stablecoins losing their peg time and again, an opportunity for a credible player to step up opened
- Ripple has already worked with dozens of financial institutions that lean into the stablecoin market, and has the required experience and expertise
Who said what?
- Revealing further details, Garlinghouse said,
“We’re in a private kind of closed beta. It’s called Ripple USD. RLUSD has been minted in that framework. We will certainly launch soon. Weeks, not months.”
The IPO tangent
- The executive further asserted that he has “no interest” in Ripple going public in the US, owing to the SEC’s hostility. He added,
“SEC approved Coinbase going public in the United States and now the SEC is suing Coinbase for the same things they approved… One of the first pieces of advice I give entrepreneurs who ask me about starting crypto companies is — Don't incorporate in the United States. You're just asking for more legal bills.”
In other Ripple-related news
- Back in August, the blockchain firm unveiled its $10 million commitment to tokenized T-Bills on the XRP Ledger
- Meanwhile, in June, it wound up the acquisition formalities pertaining to its Standard Custody deal
