Ripple CEO Brad Garlinghouse Stated That the Company Is Very Close to Launching Its USD-Pegged Stablecoin RLUSD

While speaking at the Korea Blockchain Week in Seoul on Wednesday, September 4, Ripple CEO Brad Garlinghouse stated that the company is very close to launching its USD-pegged stablecoin RLUSD

Ripple is set to launch its USD-pegged stablecoin within weeks, as stated by CEO Brad Garlinghouse at the Korea Blockchain Week in Seoul on Wednesday, Blockworks reports.

The blockchain firm is eyeing a share of the rapidly growing stablecoin market with the launch of RLUSD.

“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,” Garlinghouse noted.

In August, Ripple announced that it had begun testing its USD-pegged stablecoin on two blockchain networks. Earlier in June, Ripple President Monica Long stated that the RLUSD stablecoin would complement Ripple's native XRP token.

Currently, the stablecoin market is led by USDT and USDC, with USDT having around 70% of the total supply and USDC having about 21%.

During the event, Garlinghouse also highlighted the issue of de-pegging in the existing stablecoins while adding the need to have more credible players in the market.

“I mean, 18 months ago, USDC depegged and we felt like there was an opportunity for a credible player that's already working with lots of financial institutions to lean into that market,” he said.

Meanwhile, Ripple is also working to bring smart contracts and NFT features to the XRP Ledger by the end of the year, Blockworks reports.

On the other hand, Ripple CEO is not interested in US IPO and has post-election predictions

When asked about the initial public offering during a fireside chat, Garlinghouse stated that he has “no interest” in Ripple going public in the U.S. This is mainly due to the company's hostile relations with the Securities and Exchange Commission's (SEC).

“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,” he said.

Moreover, commenting on the upcoming US Presidential elections, he said that it doesn't matter which party comes to power.

“I think no matter who wins the United States election, we'll see new leadership in the U.S. SEC. I think [Gary Gensler] really has hurt his party. He's a Democrat, and I think it's hurt them in the current election cycle,” said Brad Garlinghouse.

Last month, the court asked Ripple to pay a $125 million fine, which is substantially less than the SEC's proposed $2 billion, in the ongoing legal battle with the SEC. Following the court's ruling on August 7, the SEC has 60 days to appeal the judgment, which seems less likely, Crypto News Flash reported.

Both Ripple and CEO Brad Garlinghouse hailed the decision as a victory for the company and the broader industry, especially since the court had earlier ruled that a portion of Ripple's XRP sales did not violate securities law.

Galinghouse added, “There aren't that many companies that actually can stand up to a bully. The SEC has a lot of power, and it takes a lot of money and a lot of conviction to fight that.”

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