Ripple CEO Brad Garlinghouse Provides Updates on the Company's Upcoming Initiatives

During a recent fireside chat at the Korea Blockchain Week in Seoul, Brad Garlinghouse, CEO of Ripple, provided significant updates on the company's upcoming initiatives.

Ripple CEO Brad Garlinghouse has provided key updates on the company's upcoming initiatives during a fireside chat at Korea Blockchain Week in Seoul. Among the updates, Garlinghouse revealed that Ripple is close to launching its U.S. dollar-pegged stablecoin, Ripple USD (RLUSD).

The stablecoin is currently in a private closed beta, but its public release is expected within weeks. This follows Ripple's announcement last month that it was experimenting with RLUSD on two blockchain networks, a move seen as a calculated penetration to enhance its position in the stablecoin market.

In his comments, Garlinghouse also touched on the broader stablecoin market landscape, highlighting that Tether and USD Coin holders collectively own 70% and 21% of the market, respectively. He noted that Ripple's entry with RLUSD is considered timely, especially given the de-pegging of USDC, which occurred around 18 months ago, potentially indicating a shifting tide.

Regarding the topic of an IPO, Garlinghouse expressed no interest in opening discussions for that in the United States. He stated that one of the primary concerns is the negative trend of the SEC towards crypto companies. These remarks pointed to the perceived hypocrisy of the SEC, which approved Coinbase's public offering and later sued it for the same activities that it had endorsed. Mr. Garlinghouse also advised against including crypto businesses in the United States, as the costs associated with regulating such businesses were excessively high.

Commenting on the upcoming U.S. presidential election, Garlinghouse suggested that irrespective of who wins the election, there is likely to be a change of guard at the SEC. He mentioned that the current SEC Chairman is named Gary Gensler and, from what Garlinghouse gathered from the national conventions, the man is universally disliked by both parties.

In a recent development, the court has ordered Ripple to pay a $125 million fine, which is significantly less than the $2 billion that the SEC initially sought. Garlinghouse also emphasized the importance of this win, stating that it strengthens Ripple's belief in its legal position and its potential impact on the entire sphere of cryptocurrencies.

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