Ripple CEO Says Stablecoin Set To Launch In Coming Weeks

Ripple CEO Brad Garlinghouse has disclosed that the company's stablecoin will go live in weeks instead of months. He expressed optimism about the company's stance in the crypto industry in the next five years.

Garlinghouse ruled out the possibility of a US IPO for Ripple, citing the SEC's hostile stance towards the crypto industry. While sympathizing with OpenSea over the SEC's recent enforcement action, Ripple's boss slammed the US securities regulator for its aggressive crypto regulatory approach.

Ripple CEO Says The Company's Stablecoin Is Set To Launch Soon

Speaking at a Wednesday fireside chat at the Korea Blockchain Week in Seoul, Ripple CEO Brad Garlinghouse revealed the firm's stablecoin, RLUSD, will launch soon.

According to Garlinghouse, RLUSD is set to go line in weeks instead of months. He pointed out that the project is already in a private closed beta phase, during which they have minted the coin.

Further, the executive highlighted that the stablecoin market needs a credible player, citing the USDC depeg incident 18 months ago. He noted that Ripple's experience will satisfy the market as the blockchain payment firm has previously worked with several financial institutions.

Ripple's RLUSD is a stablecoin pegged to the US dollar at a 1:1 ratio. So far, Ripple has made a significant effort toward the launch of the stablecoin. In August, Ripple announced the testing of the stablecoin in two blockchains. It minted and burned about 185 RLUSD coins during its beta testing.

The blockchain firm ran the test at very low fees, positioning RLUSD as a cost-effective option. The token could attract crypto investors seeking stability and eventually boost liquidity.

The stablecoin market is already valued at about $171 billion. Tether's USDT represents almost 70% of the cumulative stablecoin supply, while USDC constitutes about 21% of the market's total supply.

Ripple CEO Reacts To Opensea's Unfortunate" Incident, Criticizes The SEC Enforcement Action

Additionally, Ripple's CEO reacted to the SEC's recent enforcement action against OpenSea, a prominent NFT marketplace. The executive pointed out that the SEC is wrong to have classified NFTs, which are traditional arts, as securities.

Garlinghouse stated: Just because someone might speculate on the price of a piece of art that it might go up, doesn't make it a security. So I think [the SEC has] a losing case."

While sympathizing with the company, Garlinghouse tagged the incident as an unfortunate" one. He recounted how Ripple spent over $150 million in its legal battle with the SEC, noting that not every entity can do so.

Further, Garlinghouse criticized SEC Chair Gary Gensler for his enforcement activities in the crypto industry. He mentioned that Gensler has lost his popularity among US lawmakers from both Republicans and Democrats.

Also, Ripple's boss reacted to the possibility of Ripple going public. He expressed his lack of interest in a US IPO for the company, citing the SEC's petty hostile" regulatory stance.

Moreover, the executive recounted how the SEC approved Coinbase's IPO but later sued the exchange.

Garlinghouse said: SEC approved Coinbase going public in the United States, and now the SEC is suing Coinbase for the same things it approved."

However, the CEO remains optimistic about Ripple and its potential growth in the industry in the next five years.

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