As a seasoned crypto investor with years of experience under my belt, I find the recent updates from Ripple intriguing. The imminent launch of their stablecoin, Ripple USD (RLUSD), is an interesting move, especially considering the current dominance of Tether and USD Coin in the market. It seems like a calculated strategy to improve their standing, and I’m excited to see how it unfolds.
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. Garlinghouse revealed that Ripple is nearing the launch of its U.S. dollar-pegged stablecoin, known as Ripple USD (RLUSD).
The stablecoin is currently undergoing private closed beta testing, but is expected to be made public within weeks rather than months. This follows Ripple’s announcement last month that they have started experimenting with RLUSD across two blockchain networks, a strategic move aimed at strengthening its position in the stablecoin market
Garlinghouse’s remarks encompassed the broader stablecoin market, where roughly 70% and 21% are owned by Tether and USD Coin holders respectively. This strategic move by Ripple with RLUSD is seen as well-timed, particularly in light of USDC’s de-pegging, which occurred approximately 18 months ago, suggesting a potential shift in the tide
Garlinghouse Rejects U.S. IPO, Criticizes SEC’s Stance on Crypto
Concerning the IPO matter, Garlinghouse expressed no interest in discussing this within the U.S. He noted a primary concern is the SEC’s tendency to view crypto firms unfavorably. This suggests an inconsistency from the SEC, as they approved Coinbase’s public offering but later sued them for activities they had previously endorsed. Furthermore, Mr. Garlinghouse advised against establishing crypto businesses in the U.S., arguing that the costs associated with regulating such enterprises are excessive
In reference to the upcoming U.S. presidential election, Garlinghouse indicated that there might be a change in leadership at the Securities and Exchange Commission (SEC), regardless of who wins. He mentioned that the current SEC Chairman’s name is Gary Gensler, but from his observations during the national conventions, it appears that he is not well-received by either party
In a recent case, the court directed Ripple to pay a $125 million fine, which is far less than the $2 billion that the SEC originally sought. Garlinghouse also pointed out the importance of this win, saying that it reaffirms Ripple’s belief in its legal position and the potential impact on the whole sphere of cryptocurrencies.
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2024-09-04 22:22