Garlinghouse: Ripple USD Stablecoin Likely to Launch in "Weeks, Not Months"

SUMMARY

Ripple CEO Brad Garlinghouse announced that the Ripple USD (RLUSD) stablecoin, pegged to the U.S. dollar, will launch within weeks.
RLUSD will be fully backed by U.S. dollar assets, tested with enterprise partners, and operate on the XRP Ledger and Ethereum blockchain.
Garlinghouse expressed optimism about the future of crypto while criticizing SEC Chair Gary Gensler’s approach to the industry.

Ripple CEO Brad Garlinghouse recently disclosed that the company is on the verge of launching its U.S. dollar-pegged stablecoin, Ripple USD (RLUSD), with the launch anticipated within “weeks, not months.” Speaking at the Korea Blockchain Week in Seoul, Garlinghouse shared that RLUSD has already been stamped and is currently in a private, closed beta stage. The stablecoin is completely supported by U.S. dollar assets, including deposits, short-term U.S. government Treasuries, and other cash equivalents, guaranteeing its stability and validity in the market.

The stablecoin will initially operate on both the XRP Ledger and the Ethereum blockchain, utilizing Ethereum’s ERC-20 token standard. This dual-chain arrangement is a part of Ripple’s broader technique to improve the XRP Ledger with Ethereum-compatible smart contracts, empowering the advancement of on-chain exchanges and the issuance of tokens, among other financial services. This move positions Ripple USD as a noteworthy player in the stablecoin market, right now dominated by USDT and USDC.

Ripple’s entry into the stablecoin market is strategic, particularly after the de-pegging of USDC in March 2023, which Garlinghouse sees as a missed opportunity for existing players. By presenting RLUSD, Ripple aims to fill the crevice with a stablecoin supported by a company already working closely with various financial institutions. This positions RLUSD not just as another stablecoin, but as a trusted financial instrument in the growing ecosystem of digital assets.

Ripple’s plans for RLUSD were first indicated at in April, with the official testing beginning in early August. The decision to complement XRP with RLUSD is a calculated move to improve Ripple’s offerings and provide a solid alternative in the stablecoin market. As Ripple continues to improve, the presentation of RLUSD is anticipated to bring noteworthy value to the company’s institutional partners and the broader crypto market.

Garlinghouse’s comments at the Korea Blockchain Week underline Ripple’s commitment to becoming a driving force in the digital finance space. The company is not just reacting to market needs but is moreover effectively forming the future of monetary innovation. With RLUSD on the brink of launch, Ripple is set to make a considerable impact, offering a steady and secure digital resource that could redefine the landscape of stablecoins.

As the countdown to the launch starts, all eyes are on Ripple and its up-and-coming stablecoin, which guarantees to bring new opportunities and developments to the cryptocurrency world. The upcoming release of RLUSD marks a critical breakthrough in Ripple’s journey, strengthening its position as a pioneering pioneer in the quickly advancing blockchain industry.